When we first invited the group of distinguished scholars represented here to contribute to a new volume on Austrian economics, four themes were stressed: tensions, new directions, selectivity, and criticism. In this brief introduction we will explain why those themes were emphasized and thereby shed light on our intentions and aspirations for the volume. The subtitle "Tensions and New Directions" indicates clearly the intent of the volume desired. If we take the 1871 publication of Carl Menger's Principles of Economics (Grundsiitze der Volkswirthschaftslehre) as mark ing its birth, the Austrian tradition is now well over one hundred years old. The origins of the so-called "Austrian Revival" are more difficult to pinpoint precisely, but many would accept two decades as a reasonable estimate of its lifespan. In any case, since the mid-1970s several collections of articles written by Austrians have been published. The intent of these collections appeared to be to educate, persuade, and inspire various audiences. Uninformed readers needed to be told about the specifics of the Austrian position, to be shown how it differed from and improved upon its rivals. The initiated needed to be reassured that their commitment to a novel program was justified. As such, much of the recent Austrian literature has consisted either of exegetical accounts of the views of past figures, or of critical assessments of the positions of alternative research programs in economics from an Austrian perspective.

With a wide-ranging set of contributions, this book provides a compilation of cutting-edge original research in the field of entrepreneurial opportunities. The book reopens the subject from diverse perspectives focusing on theories and approaches to entrepreneurial opportunities. The book has been complemented by an outstanding Delphi panel of six leading scholars of the field: Lowell Busenitz, Dimo Dimov, James O. Fiet, Denis Grégoire, Jeff McMullen and Mike Wright. This carefully edited selection of current and topical contributions will be of immense value to students, researchers and scholars interested in the field of entrepreneurial opportunities.

Stressing verbal logic rather than mathematics, Israel M. Kirzner provides at once a thorough critique of contemporary price theory, an essay on the theory of entrepreneurship, and an essay on the theory of competition. Competition and Entrepreneurship offers a new appraisal of quality competition, of selling effort, and of the fundamental weaknesses of contemporary welfare economics. Kirzner's book establishes a theory of the market and the price system which differs from orthodox price theory. He sees orthodox price theory as explaining the configuration of prices and quantities that satisfied the conditions for equilibrium. Mr. Kirzner argues that "it is more useful to look to price theory to help understand how the decisions of individual participants in the market interact to generate the market forces which compel changes in prices, outputs, and methods of production and in the allocation of resources." Although Competition and Entrepreneurship is primarily concerned with the operation of the market economy, Kirzner's insights can be applied to crucial aspects of centrally planned economic systems as well. In the analysis of these processes, Kirzner clearly shows that the rediscovery of the entrepreneur must emerge as a step of major importance.

"This is a book about who we are today, and how we have become who we are. It is about the engineers of the modern soul, the entrepreneurial self. It is essential reading for all those who care about the incessant demands placed on us to become more than we are, to become entrepreneurs of our selves, to maximise and optimise our capacities in ways that align personal identity and political responsibility." - Professor Peter Miller, London School of Economics & Political Science Ulrich Bröckling claims that the imperative to act like an entrepreneur has turned ubiquitous. In Western society there is a drive to orient your thinking and behaviour on the objective of market success which dictates the private and professional spheres. Life is now ruled by competition for power, money, fitness, and youth. The self is driven to constantly improve, change and adapt to a society only capable of producing winners and losers. The Entrepreneurial Self explores the series of juxtapositions within the self, created by this call for entrepreneurship. Whereas it can expose unknown potential, it also leads to over-challenging. It may strengthen self-confidence but it also exacerbates the feeling of powerlessness. It may set free creativity but it also generates unbounded anger. Competition is driven by the promise that only the capable will reap success, but no amount of effort can remove the risk of failure. The individual has no choice but to balance out the contradiction between the hope of rising and the fear of decline. Ulrich Bröckling is Professor of Cultural Sociology at the Albert-Ludwigs-University Freiburg, Germany.

Entrepreneurship is credited for technological invention, the rise of corporate empires and directly linked to economic development around the world. This multi-volume set of original essays showcases emerging theory and practice in entrepreneurship to illuminate its many facets, covering such topics as business models, entrepreneurial mindset, market research, capitalization, intellectual property, risk and uncertainty, and organizational culture. Volume 1, People, focuses on the intersection between individuals and entrepreneurship, with an emphasis on the cognitive, economic, social, and institutional factors that influence people's behavior with respect to entrepreneurship. Volume 2, Process, explores such topics as idea generation, market entry, financing, team building, and growth strategies, following the lifecycle of a new venture. Volume 3, Place, considers the context in which entrepreneurship is practiced, including corporate venturing, family enterprise, franchising, and public policies designed to promote entrepreneurship and economic development. Featuring contributions from leading scholars and practitioners, and with a global perspective throughout, this unique set explores new models, trends, and practices in entrepreneurship that will be of interest to a wide array of academics, professionals, and newcomers to the field.

Volume 14 addresses the central issue of entrepreneurial action: while many factors are important to the phenomenon of entrepreneurship, entrepreneurship does not happen until someone takes action!