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Entrepreneurship is a hot topic in academic, managerial, and policy circles. Yet researchers and policymakers tend to define entrepreneurship narrowly as business start-ups, and entrepreneurs as young dreamers with a particular personality. In fact, as Peter G. Klein argues, entrepreneurship is a far broader, pervasive, and more important phenomenon in the market and in the free society. Klein is one of the stars of the Austrian School today, with a specialization in an area in which the Austrians make a unique contribution: the...