The Meaning of Market Process: Essays in the Development of Modern Austrian Economics (Foundations of the Market Economy)
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Manufacturer: Routledge
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Binding: Paperback
Dewey Decimal Number: 330
EAN: 9780415137386
ISBN: 0415137381
Label: Routledge
Manufacturer: Routledge
Number Of Items: 1
Number Of Pages: 260
Publication Date: 1996-06-04
Publisher: Routledge
Studio: Routledge
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Editorial Reviews:
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For twenty years, Israel Kirzner has been one of the foremost proponents of the modern Austrian economics in the United States. In The Meaning of the Market Process, he extends his analysis of the implications of the Austrian approach while comparing it to both neoclassical and radical subjectivist approaches. This theory, while concurring with many of the major policy implications of neo-classical economics, sharply dissents from much of the substance and methodology of neo-classicism. Emphasising the crucial role of ignorance, uncertainty, and the passage of time, Austrian economists criticize the `tight equilibrium' approach of the mainstream. Yet the Austrians refuse to conclude that the major conclusions of economics are to be rejected. By introducing the role of the entrepreneur and of entrepreneurial discovery (an innovation in which the author's earlier work has played a central role), modern Austrian economists believe it possible to steer a middle course between those who believe the world to be at all time
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