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Abstracts prior to volume 5(1) have been archived!

Issue 5(1), October 2010 -- Paper Abstracts
Girard  (p. 9-22)
Cooper (p. 23-32)
Kunz-Osborne (p. 33-41)
Coulmas-Law (p.42-46)
Stasio (p. 47-56)
Albert-Valette-Florence (p.57-63)
Zhang-Rauch (p. 64-70)
Alam-Yasin (p. 71-78)
Mattare-Monahan-Shah (p. 79-94)
Nonis-Hudson-Hunt (p. 95-106)


Equilibrium Concepts and the Entrepreneur

Author(s): Pierre Le Roux, Ronney Ncwadi

Citation: Pierre Le Roux, Ronney Ncwadi, (2010) "Equilibrium Concepts and the Entrepreneur," Journal of Management Policy and Practice, Vol. 11, Iss. 4, pp. 64 - 71

Article Type: Research paper

Publisher: North American Business Press


This article explores the implications of the entrepreneur for equilibrium concepts. It is argued that the focus in economics should be on the process towards equilibrium instead of end states when all processes have ended.  The concept of equilibrium cannot adequately deal with entrepreneurship since the latter not only coordinates but also discoordinates the economy. Entrepreneurship can be more readily accommodated by the concept of spontaneous order, since it does not rely on the concept of equilibrium.