ABSTRACT
This chapter focuses on Kirzner's subjectivist view that entrepreneurial alertness is spontaneous or subconscious learning which cannot be obtained by deliberate search or conscious scientific investigation. The Kirzner's insight is applied to a successful business operated by a woman entrepreneur in Guilin, China. The entrepreneurial process in Kirznerian perspective involves alertness to profit opportunities, spontaneous discovery, and profit arbitrageurship. The profit arbitrage allows mistakes to be eliminated, economic activities to be coordinated, and the economy to move towards equilibrium. The chapter also focuses on one factor, namely entrepreneurial alertness, to explain China's recent economic growth. Mama Moon, a woman entrepreneur in the tourism, catering, and hotel industries in Guilin, is a celebrated illustration of Kirzner's theory of entrepreneurial alertness and arbitrageurship. It is believed that many interesting cases similar to Mama Moon's in China are worthwhile to be reported. There are forces in the market process that bring about changes in the buying, selling, producing, and consuming decisions.
