Discovery or ownership? A new light on an Austrian controversy over entrepreneurship

Abstract

Abstract This article delivers an original analysis of an Austrian controversy between Rothbard and Kirzner about the relationship between entrepreneurship and capital ownership: in real-world markets, must the entrepreneur be a capitalist or not? The two authors were opposed to each other on that issue. Here, we will take a new look at existing literature by proposing a review of the key terms used in the debate. The thesis we defend here is that Rothbard and Kirzner were suffering from a mutual conceptual misunderstanding. Thus, taking an original view aims to steer the debate to a positive outcome and to reconsider the Austrian relationship between entrepreneurship, ownership and exploitation of capital.