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Kirzner on the Distinction between Equilibrium and Process

Nicholas Snow

What is Austrian economics and how does it differ from other strands of neoclassical economics? These are question that anyone who has studied Austrian economics eventually gets asked. If you have ever had any trouble coming up with a satisfactory answer, fear no more. Israel Kirzner provides a nice short answer to both in today’s document (pdf). It is an outline for Professor Kirzner’s paper “Methodological Individualism, Market Equilibrium, and Market Process” (published in vol. 32 of Il Politico in 1967) and was provided for the September 1967 Mont Pelerin Society meetings in Vichy, France.

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