Synopses & Reviews
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
Synopsis
Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This book offers substantive insights in support of this theory and a new historical interpretation of how the ideas of modern Austrians emerged.