An Economic Process The foregoing foregoing factors provide a certain taxonomy of thought regarding entrepreneurship. Obviously many individuals see the process as a number of discrete items: uniqueness, value and so on. The economist Israel Kirzner looks on the process as having two distinct meanings, one of which is a short-term process that strives to “balance” an economy by ostensibly moving toward equilibrium, even as new firms emerge and others die off. The second is a long-run process that is similar to that of other thinkers in the discipline. Kirzer refers to this as “the process of entrepreneurial dis covery, invention and innovation through which long-run economic growth is stimulated and nourished.” 11