The Meaning of Market Process: Essays in the Development of Modern Austrian Economics (Foundations of the Market Economy)
Israel M. KirznerISBN: 0415068665;
Israel M. Kirzner, the foremost proponent of the modern Austrian theory of the market process, offers substantive new insights and a historical interpretation of how the ideas of the modern Austrians emerged. The Austrian theory criticizes the ``tight equilibrium'' approach of mainstream economics by emphasizing the role of ignorance, uncertainty and the passage of time. Yet modern Austrians do not reject the major conclusions of economics; instead, they steer a middle course between those who believe the world is always in full coordination and those who believe it has no coordinating properties.
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