All Posts Tagged With: "Israel Kirzner"
The Virtue of Market Inefficiency
A living economy needs to create inefficiencies, and lots of them, to set the stage for greater efficiency and ongoing innovation.
28Jun2011 | Sandy Ikeda | 5 comments | ContinuedA Matter of Life and Death
Israel Kirzner once made the rather startling statement that the most important lesson he learned from Mises, one of the greatest economic theorists of his age, had nothing directly to do with economic theory at all.
11Jan2011 | Sandy Ikeda | 3 comments | ContinuedThe Economic Way of Thinking Makes a Comeback
As readers of this magazine know, its main goal, and that of FEE as a whole, is economic education—that is, to explain and spread essential economic insights so more people become familiar with the “economic way of thinking,” as Israel Kirzner called it. This brings insight to politics, society, and history. Above all, it gives [...]
25Aug2010 | Stephen Davies | 2 comments | ContinuedNot More Capital — the Right Capital
Capital and labor need to restructure themselves to meet the new reality of the post-crash marketplace. Just throwing more capital at firms won’t help.
22Jul2010 | Steven Horwitz | 9 comments | ContinuedFailure versus Error
There are two kinds of error, and one of them is consistent with success.
6Apr2010 | Sandy Ikeda | 27 comments | ContinuedThe Market Doesn’t Ration Health Care
Health care “reformers” say they have two objectives: to enable the uninsured and underinsured to consume more medical services than they consume now and to keep the prices of those services from rising, as they have been, faster than the prices of other goods and services. Unfortunately, Economics 101 tells us that to accomplish those [...]
24Feb2010 | Sheldon Richman | 9 comments | ContinuedThe Calling: Remembering Rothbard
This month marks the 15th anniversary of the death of Murray Rothbard, arguably the most important libertarian theorist of the twentieth century. Although I only met him once in person, his work was influential in developing my “calling” in a number of ways, and the way he approached his scholarly and activist work for libertarianism [...]
14Jan2010 | Sheldon Richman | 1 comment | ContinuedHuman Action: The Treatise in Economics
“Next week we will discuss the master’s work.” So stated Dr. Hans Sennholz to close his graduate seminar during my junior year at Grove City College. I had owned a copy of Human Action since my freshman year, but the book was too daunting for me to really study it. I preferred to read Henry [...]
19Aug2009 | Peter J. Boettke | 1 comment | ContinuedCanutes Courtiers Were Wrong
Shortly after the northeast blackout a New York Times headline blared: “Under Deregulation, Montana Power Price Soars.” The story explained that “Montana residents used to pay some of the lowest rates for power in the Northwest, but now, some lawmakers lament, they pay among the region’s highest. What happened? Mainly deregulation.” The story went on: [...]
1Nov2003 | Sheldon Richman | 0 comments | ContinuedLudwig von Mises: The Man and His Economics
Anyone wishing to answer the question, “Who is Ludwig von Mises?,” faces a formidable, if exciting, task. Where to start? Human Action, which runs close to 900 pages, is not something everyone has the time or inclination to plunge into, rewarding as that would be. Socialism, an extremely important book, addresses a relatively narrow aspect [...]
1Aug2002 | Sheldon Richman | 0 comments | ContinuedThe Driving Force of the Market: Essays in Austrian Economics by Israel M. Kirzner
Routledge · 2000 · 320 pages · $100.00 Reviewed by Frederic Sautet A new book by Israel Kirzner is like a new movie by a great director whose work and style are familiar, but who always surprises his viewers with new ways of exploring his lifelong themes. In fact, “exploring” is a word that describes [...]
1Nov2001 | Frederic Sautet | 0 comments | ContinuedHappy Birthday, Carl Menger
February 23 is the 161st anniversary of the birth of Carl Menger, founder of the Austrian school of economics. As the economist Joseph Salerno has written, “[I]n its method and core theory, Austrian economics always was and will forever remain Mengerian economics.” It would be hard to overstate how important Menger was in the development [...]
1Feb2001 | Sheldon Richman | 2 comments | ContinuedIsrael Kirzner on Supply and Demand
Israel Kirzner misrepresents mainstream economics by his assertion that in explaining market price determination by supply and demand curves, it always assumes “perfect competition,” worse yet, perfect knowledge.[1] “The mainstream textbook approach . . . is, in one way or another, explicitly or implicitly, based on the assumption of perfect knowledge” and in which the [...]
1Jul2000 | James C. W. Ahiakpor | 0 comments | ContinuedWhat Do Economists Contribute?
Professor Daniel Klein of Santa Clara University is one of the most engaging and creative economists around. In What Do Economists Contribute? he and nine other economists (most of them known to readers of Ideas on Liberty) try to explain just how economists contribute to the betterment of mankind. Although the title implies that the [...]
1Jul2000 | Philip R. Murray | 1 comment | ContinuedTwo Powerful Words
Last year Israel Kirzner, one of the economists I most enjoy, said something during a lecture that was at once simple, true, and deceptively powerful. How powerful I did not appreciate immediately. But in the ensuing months, I have come to see how much was packed into that statement. Professor Kirzner said that the market [...]
1May1999 | Sheldon Richman | 0 comments | ContinuedY2K and Entrepreneurial Error
“No businessman in the real world is equipped with perfect foresight; all make errors.” —Murray N. Rothbard[1] Over the past year, I’ve been involved in a series of debates over the impact of the Year 2000 Problem, the potential collapse of computers—and perhaps of the economy—owing to the fact that since computer programs use two [...]
1Mar1999 | Mark Skousen | 1 comment | ContinuedEnviro-Capitalists: Doing Good While Doing Well by Terry A. Anderson and Donald R. Leal
Rowman & Littlefield Publishers, Inc. • 1997 • 189 pages • $52.50 cloth; $16.95 paperback Writing about Austrian economics and the market process, Israel Kirzner explains how entrepreneurs play a crucial role in discovering products, markets, and processes for improving human welfare (Journal of Economic Literature, March 1997). The interesting aspect of all this is [...]
1Feb1999 | Bruce Yandle | 0 comments | Continued-
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