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Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. Although this theory concurs with many of the major policy implications of neo-classical economics, it sharply diverges from much of the substance and methodology of neo-classicism.
Austrian economists criticize the "tight equilibrium" approach of the mainstream and emphasize the crucial role of ignorance, uncertainty, and the passage of time. By introducing the role of the entrepreneur and of entrepreneurial discovery--an innovation in which Kirzner's earlier work has played a central role--modern Austrian economists believe that it is possible to steer a middle course between those who believe the world to be always in full coordination, and those who believe it has no important coordinating properties at all.
"The Meaning of Market Process" offers new substantive insights in support of this Austrian position, and new historical interpretations of how the ideas of the modern Austrians have emerged. The essays focus particularly on the pioneering work of Carl Menger, the contributions of von Mises and Hayek, and the famous interwar socialist calculation debate--issues which are especially relevant at a time when the economic failures of socialism have become widely recognized.
List of contents
Part 1 Part I The market process approach; Chapter 1 Chapter 1 Market process theory: in defence of the Austrian middle ground; Chapter 2 Chapter 2 The meaning of market process; Part 2 Part II The emergence of the Austrian view; Chapter 3 Chapter 3 The Austrian School of economics; Chapter 4 Chapter 4 Carl Menger and the subjectivist tradition in economics; Chapter 5 Chapter 5 Menger, classical liberalism and the Austrian School of economics; Chapter 6 Chapter 6 The economic calculation debate: lessons for Austrians; Chapter 7 Chapter 7 Ludwig von Mises and Friedrich von Hayek: The modern extension of Austrian subjectivism; Part 3 Part III Some new explorations in the Austrian approach; Chapter 8 Chapter 8 Prices, the communication of knowledge and the discovery process; Chapter 9 Chapter 9 Economic planning and the knowledge problem; Chapter 10 Chapter 10 Knowledge problems and their solutions: some relevant distinctions; Chapter 11 Chapter 11 Welfare economics: a modern Austrian perspective; Part 4 Part IV Some related issues emerging from the Austrian approach; Chapter 12 Chapter 12 Self-interest and the new bashing of economics: a fresh opportunity in the perennial debate?; Chapter 13 Chapter 13 Discovery, private property and the theory of justice in capitalist society Notes ReferencesIndex;
About the author
Israel M. Kirzner
Summary
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.
