The Meaning of the Market Process - Essays in the Development of Modern Austrian Economics (Paperback, Revised)

For 20 years, Israel Kirzner has been one of the foremost proponents of the modern Austrian economics in the United States. In his latest book he extends his analysis of the implications of the Austrian approach while comparing it to both neo-classical 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. Emphasizing 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 times in full co-ordination, and those who believe it to lack any important co-ordinative properties altogether.

General

Imprint:	Routledge
Country of origin:	United Kingdom
Series:	Routledge Foundations of the Market Economy
Release date:	May 1996
First published:	1992
Authors:	Israel M. Kirzner
Dimensions:	216 x 138 x 15mm (L x W x T)
Format:	Paperback
Pages:	260
Edition:	Revised
ISBN-13:	978-0-415-13738-6
Categories:	Books > Business & Economics > Economics > Economic theory & philosophy
LSN:	0-415-13738-1
Barcode:	9780415137386

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