Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research. In this essay, we present and evaluate his main contributions to the economics of entrepreneurship. The focus is on how Kirzner defines the entrepreneurial function. In order to...

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research (the FSF-Nutek Award). In this Prize Lecture he argues that a number of those who have commented on his work have misunderstood certain aspects of his theoretical system, and as a...

A characteristic feature of economic development is the ever changing structure of consumption patterns. Reducing the explanation of this phenomenon to changing prices, finally caused by changes in the availability of goods (or characteristics), would neglect a major force driving this change,...

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research. In this essay, we present and evaluate his main contributions to the economics of entrepreneurship. The focus is on how Kirzner defines the entrepreneurial function. In order to...

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research (the FSF-Nutek Award). In this Prize Lecture he argues that a number of those who have commented on his work have misunderstood certain aspects of his theoretical system, and as a...

A characteristic feature of economic development is the ever changing structure of consumption patterns. Reducing the explanation of this phenomenon to changing prices, finally caused by changes in the availability of goods (or characteristics), would neglect a major force driving this change,...

The purpose of this project is to demonstrate that the economic analysis of the law should proceed from the notion that individuals form a spontaneous order in response to the institution of tort law, each other, and their environment. First, I address the methodological advantages of the...

In this paper we revisit the case for methodological individualism for the positive analysis of political economy. We argue that the basis of methodological individualism implies neither a necessary commitment to atomistic reductionism in explaining social phenomena nor philosophical...

Ludwig von Mises seems to be something of an outlier within the Austrian school when it comes to capital – though his position is clearly foreshadowed in a neglected article by Carl Menger (1888). In this paper we examine Mises's view on capital and suggest that it constitutes a bridge between...

This paper compares and contrasts two schools of political economy: the Austrian School, prominent members of which include Friedrich Hayek and Ludwig von Mises; and the Bloomington School, which was founded by Elinor and Vincent Ostrom. It is argued that the two traditions share a good deal in...