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This paper proposes a market process approach in which entrepreneurs not only discover existing knowledge but also generate new knowledge, in terms of both their own understanding of reality and of changes their actions induce in the market. This focuses attention in directions compatible with an Austrian perspective and also provides impetus for further theoretical and empirical work in entrepreneurial studies.

Any Austrian perspective in entrepreneurial studies must proceed from the body of work that Professor Israel Kirzner has produced. His contributions provide economists with arguably the most carefully worked out theory of entrepreneurial activity available. The observation that "Paris gets fed" suggests that something similar to the coordinating process that Kirzner's theory analyzes constitutes an indispensable element to the understanding of how markets work. At the same

Austrian Economics and Entrepreneurial Studies Advances in Austrian Economics, Volume 6, 97-112 Copyright © 2003 by Elsevier Science Ltd. All rights of reproduction in any form reserved ISSN: 1529-2134/doi:10.1016/S1529-2134(03)06007-1

time, Kirzner's theory of entrepreneurship, which centers on alertness, discovery, and the elimination of error, abstracts from certain kinds of real world activity arguably associated with entrepreneurial activity. The point of this paper is to suggest that recognizing entrepreneurship as knowledge-generating activity can usefully extend Kirzner's insights. This approach may be seen as one way to endogenize the entrepreneurial process, a suggestion Rizzo (1996, p. xxiv) has recently made.

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