1. Describe the Schumpeterian notion of "creative destruction". How does it compare to Kirzner's view of the entrepreneurial process?

2. Nonprofit organizations engage in advertising even though they generally do not, strictly speaking, sell goods or services.

3. An article from The Economist "entitled "Do entrepreneurs really need a business-school education?" states the following:

"Among the thousands of business schools now operating around the world you would be hard-pressed to find one that doesn't believe it can teach the skills of entrepreneurship. However, of the people who immediately spring to mind when one thinks of entrepreneurs-Bill Gates, Richard Branson or Oprah Winfrey, for example-few have done more than deliver a speech at a business school. Indeed, a recent study by King's College in London has suggested what many intuitively suspect: that entrepreneurship may actually be in the blood-more to do with genes than classroom experience. All of which invites the question-does an entrepreneur really need a business-school education?"

can you comment on this view?

4. Describe monopoly theory in the Kirznerian view of entrepreneurial competition. How does this approach compare to the traditional understanding of monopoly? What implications the Kirznerian view of monopoly may have for policymaking?