The Market Process is Competitive, Entrepreneurial.
Have you noticed how products keep getting better and more plentiful? Of course this is interfered with by acts of intervention motivated by politics. But the focus of this post is to notice competitive entrepreneurship.
It is in the competitive market where the entrepreneur plays a critical role. Paradoxically, as it happens, the market process is competitive because it is entrepreneurial. Market information is acquired through the experience of market participation. And entrepreneurial action is taken in response to the changes that occur in the market data, assuming that the changes are detected.
So it is that prospective decisions of buyers and sellers at every step in the production process are subjected to this competitively alert scrutiny.
Imagine how bleak the world would be without this dynamic process driven by competitive entrepreneurship.
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