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| Author: | Kirzner, I. M. |
| Title: | Entrepreneurial discovery and the competitive market process: An Austrian approach |
| Journal: | Journal of Economic Literature
1997 : MAR, VOL. 35:1, p. 60-85 |
| Index terms: | AUSTRIA COMPETITION MARKET CONDITIONS ENTREPRENEURSHIP |
| Language: | eng |
| Abstract: | Austrian appreciation for the market forces encouraging the equilibrative tendency offers support for laissez faire. Austrian economist have tended to see economics as showing the unwisdom of government regulation. Although entrepreneur can make errors, there is no tendency for entrepreneurial errors to be made. The tendency which the market generates toward greater mutual awareness, is not offset by any equal but opposite tendency in the direction of diminishing awareness. Understanding how government regulation of entrepreunial activity is likely to frustrate the coordinative tendency toward error-correction, is often believed sufficient to permit the Austrian economist roundly to condemn such intervention. |
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