For twenty years, Israel M. Kirzner has been one of the foremost proponents of the modern Austrian Economics in the United States. In his latest book he extends his analaysis of the implications of the Austrian approach while comparing it to both neoclassical and radical subjectivist approaches. This theory, while concurring with many of the major policy implications of neo-classical economics, sharply dissents from much of the substance and methodology of neo-classicism. Emphasizing the crucial role of ignorance, uncertainty, and the passage of time, Austrian economists criticize the 'tight equilibrium' approach of the mainstream. Yet the Austrians refuse to conclude that the major conclusions of economics are to be rejected. By introducing the role of the entrepreneur and of entrepreneurial discovery (an innovation in which the author's earlier work has played a central role), modern Austrian economists believe it possible to steer a middle course between those who believe the world to be at all times in full co-ordination, and those who believe it to lack any important co-ordinative properties altogether. The Meaning of Market Process offers new substantive insights in support of this Austrian position, and new historical interpretations of how the ideas of the modern Austrians emerged.

Table of Contents:
Part 1 Part I The market process approach; Chapter 1 Chapter 1 Market process theory: in defence of the Austrian middle ground; Chapter 2 Chapter 2 The meaning of market process; Part 2 Part II The emergence of the Austrian view; Chapter 3 Chapter 3 The Austrian School of economics; Chapter 4 Chapter 4 Carl Menger and the subjectivist tradition in economics; Chapter 5 Chapter 5 Menger, classical liberalism and the Austrian School of economics; Chapter 6 Chapter 6 The economic calculation debate: lessons for Austrians; Chapter 7 Chapter 7 Ludwig von Mises and Friedrich von Hayek: The modern extension of Austrian subjectivism; Part 3 Part III Some new explorations in the Austrian approach; Chapter 8 Chapter 8 Prices, the communication of knowledge and the discovery process; Chapter 9 Chapter 9 Economic planning and the knowledge problem; Chapter 10 Chapter 10 Knowledge problems and their solutions: some relevant distinctions; Chapter 11 Chapter 11 Welfare economics: a modern Austrian perspective; Part 4 Part IV Some related issues emerging from the Austrian approach; Chapter 12 Chapter 12 Self-interest and the new bashing of economics: a fresh opportunity in the perennial debate?; Chapter 13 Chapter 13 Discovery, private property and the theory of justice in capitalist society Notes ReferencesIndex;