Neoclassical economic analysis has almost nothing to say about the entrepreneur. Its equilibrium analysis proceeds in terms of the eradication of all profit opportunities, and, if there are no profits there will be no entrepreneurs. The entrepreneur is that shadowy figure (like King Hamlet's Ghost played by Homer Simpson!) who ensures that profits cannot last for very long in the theory.
By contrast, the entrepreneur is the heart and soul of Austrian economics, wherein he is a vibrant, busy, creative, reckless, innovator. For Austrians, economics without the entrepreneur is like the proverbial Hamlet (played by Bart Simpson!) without the prince. If the objective is to understand the how real-world markets work, the entrepreneur must take center stage.
My Facebook group on Austrian capital theory: https://www.facebook.com/groups/2170161256614073/
My Facebook group on Austrian capital theory: https://www.facebook.com/groups/2170161256614073/
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