Map of Mzuzu on The entrepreneur initiates, and keeps the engine of change and competition in perpetual motion. The entrepreneur introduces new techniques, products, markets, etc. and carries out innovation. In biological evolution, this is the role played by mutations in natural selection. While Schumpeter, however, might deny any strong analogy between economic and biological evolution, he did provide the analytical framework for a theory of economic evolution. Hayek contributed one of the more important Austrian tenets in the economics of competition. Competition according to Hayek is very much a matter of place and time. Map of Mzuzu 2016.
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