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Competition & Entrepreneurship (Hardcover)
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Competition & Entrepreneurship (Hardcover)
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No other economist in recent times has been so closely identified
with the Austrian School of economics as Israel M Kirzner,
professor emeritus of economics at New York University. A leader of
the generation of Austrian economists after Ludwig von Mises and F
A Hayek, Kirzner has been recognised as one of the minds behind the
revival of entrepreneurship and market process theory in the
twentieth century. This book defines Israel M Kirzners unique
contribution to the economics profession. Pointing out the
shortcomings of the traditional microeconomic model, Kirzner offers
an alternative and complementary view, which illuminates and
enriches the way economists think of the market process.
Recognising that economics cannot explain sheer novelty and
ultimately social change by referring only to productive factors
already in use, Kirzner develops a theory of the market process
that focuses on the role of the pure entrepreneurial element in
human action.This leads him to reconstruct the theory of price in
order to understand, as he puts it, how the decisions of individual
participants in the market interact to generate the market forces
which compel changes in prices, outputs, and methods of production
and in the allocation of resources. In doing so, Kirzner offers a
new appraisal of competition moving the entrepreneurial function
back to centre stage, thereby shedding new light on issues such as
monopoly pricing, cartels, and pure profit.
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