Why are there unnoticed opportunities? One reason – imperfect knowledge. For example, resource owners and consumers are often passive in the very dynamic economy. What ‘unnoticed opportunities’ means is that there will necessarily be more efficient ways to coordinate transactions in the resource and product market. Whoever steps forward as an entrepreneur and bears the uncertainty inherent in the market will be the one is in the position to capture these opportunities. Moment to moment any market participant can become an entrepreneur or not, either now or later, or over and over again. And even though economic roles are multiple – yet still they are distinct. For instance, resource ownership and entrepreneurship are completely separate functions; nevertheless the same person may be an entrepreneur, a resource owner and a capitalist and yet still perform these functions independently.
Posted on: Sun, 09 Nov 2014 16:33:07 +0000
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