The Meaning of Market Process: Essays in the Development of Modern Austrian Economics
The Meaning of Market Process collects the recent work of one of the world's foremost 'Austrian' economists. Arguing that 'equilibrium economics' is inadequate to explain the real functioning of markets, it expounds the theory of market process - a theory which emphasizes the role of the entrepreneur and of ignorance, uncertainty and the passage of time.
What people are saying - Write a review
We haven't found any reviews in the usual places.
in defence of the Austrian
The meaning of market process
The Austrian School of economics
Carl Menger and the subjectivist tradition in economics
Menger classical liberalism and the Austrian School
lessons for Austrians
Prices the communication of knowledge and the discovery
Economic planning and the knowledge problem
Other editions - View all
achieve allocation argue assumption Austrian economics Austrian middle ground Austrian School Austrian tradition basic knowledge problem Bohm-Bawerk calculation debate capitalist Carl Menger central planning chapter choice circumstance competition concerning consumer consumer sovereignty context contribution costs course critics critique decisions defence discovery disequilibrium dispersed knowledge dynamic earlier economic calculation economic calculation debate economic problem economic theory emphasized entrepreneurial alertness equilibrium prices error existence fact future given Hayekian human action ignorance implications important individual inputs insights institutions justice Kirzner laissez-faire Lavoie Lionel Robbins Ludwig von Mises market economy market participants market prices Menger Mengerian methodological individualism microeconomics Mises and Hayek Misesian modern Austrian neoclassical neoclassical economics normative notion offer opportunities optimal perfect competition perspective planner possibility preneurial production pure profit radical subjectivist realities recognize refer regard relevant result Robbins role seen sense social efficiency society spontaneous subjectivism systematic tion understanding of market vision welfare economics