Israel Kirzner on entrepreneurial alertness as the driving force of the market process

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The Peculiar and Unique Position of Economics – Ludwig von Mises

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Israel Kirzner on why capitalism succeeds

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Robert Nozick on entrepreneurship

 

The role of entrepreneurs in the discovery of new preferences

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What is the fatal conceit?

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Murray Rothbard on why people complain about capitalism

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Israel Kirzner on perfect competition and economic efficiency

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Barriers to entry alert: do late entrants have a chance

September 21, 1999 – Google came out of beta; the 17th search engine to officially enter the market.

Kirzner defines a competitive market as a market where no potential participant faces non-market obstacles to entry:

Following a long tradition in economics going back at least to Adam Smith, Austrians define a competitive market not as a situation where no participant or potential participant has the power to make any difference, but as a market where no potential participant faces nonmarket obstacles to entry.

(The adjective “nonmarket” refers, primarily, to government obstacles to entry; it is used to differentiate such obstacles from, for example, high production costs that might discourage entry. These latter do not constitute noncompetitive elements in a market; to be able to enter means to be able to enter a market if one judges such entry to be economically promising-it does not mean to be able to enter without having to bear the relevant costs of production.) That is, a situation is competitive if no incumbent participant possesses privileges that protect him against the possible entry of new competitors.

The achievements that free markets are able to attain depend, in the Austrian view, on freedom of entry, that is, on the absence of privilege.

Towards an Austrian Economics Theory of Pollution

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