Competition and Entrepreneurship
Stressing verbal logic rather than mathematics, Israel M. Kirzner provides at once a thorough critique of contemporary price theory, an essay on the theory of entrepreneurship, and an essay on the theory of competition. Competition and Entrepreneurship offers a new appraisal of quality competition, of selling effort, and of the fundamental weaknesses of contemporary welfare economics.
Kirzner's book establishes a theory of the market and the price system which differs from orthodox price theory. He sees orthodox price theory as explaining the configuration of prices and quantities that satisfied the conditions for equilibrium. Mr. Kirzner argues that "it is more useful to look to price theory to help understand 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."
Although Competition and Entrepreneurship is primarily concerned with the operation of the market economy, Kirzner's insights can be applied to crucial aspects of centrally planned economic systems as well. In the analysis of these processes, Kirzner clearly shows that the rediscovery of the entrepreneur must emerge as a step of major importance.
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adver allocation analysis aware buyers buying effort Chamberlin Chamberlinian changes chapter commodity competitive process competitive-entrepreneurial concept consumer coordination corporate firm course decision-making demand curve Demsetz discover discussion disequilibrium distinction emphasized entirely entrepre entrepreneurial activity entrepreneurial alertness entrepreneurial element entrepreneurial process entrepreneurial role entrepreneurship entry equilibrium theory exist exploit F. A. Hayek fact factor factors of production framework given Hayek hired imperfect industry inputs insight J. K. Galbraith knowledge Kuenne long-run market participants market process Monopolistic Competition monopolized resource monopoly position neurial nomic nopoly normative notion offer oppor output pattern perceived perfect competition plans point of view possible preneurial price theory product differentiation product quality production costs profit opportunities recognized relevant resource owner revenue Robbinsian economizing Schumpeter Schumpeter's seen sellers selling costs selling effort short-run situation social sumer theory of monopolistic theory of price tion tive transaction costs tunities University Press welfare economics workable competition