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Competition Economic Planning And The Knowledge Problem
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Book Synopsis Competition, Economic Planning, and the Knowledge Problem by : Israel M. Kirzner
Download or read book Competition, Economic Planning, and the Knowledge Problem written by Israel M. Kirzner and published by Collected Works of Israel M. K. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition, Economic Planning, and the Knowledge Problem expands on the ideas Kirzner first discussed in Competition and Entrepreneurshipthe role of the entrepreneur and its relation to the determination of prices and the coordination of individuals plansas well as economic planning, the knowledge problem, market-process theory, and the parts played by information, knowledge and advertising. It includes a paper on F. A. Hayeks theory of market coordination and the Austrian business-cycle theoryseen now for the first time in its original English. As a whole, the volume expresses Kirzners understanding that economics cannot be separated from its human element. Competition is a rivalrous process of entrepreneurial activity in which individuals and firms discover, innovate, and outdo each other. Kirzner discusses why this dynamic view of the economy is so important to understand, particularly in the contexts of economic planning and the workings of competitive markets. Over the course of this books nineteen articles and one monograph, Kirzner also stresses another point: though knowledge is present in all economic interaction, it is also dispersed in the economy such that no individual mind can ever centralize it all. This knowledge problem implies, as Mises and Hayek have argued, the impossibility of central planning. Kirzners contribution is to show that, ultimately, it is only the free, competitive entrepreneurial process that can overcome this problem through generation of knowledge that enables the most efficient allocation of scarce resources.
Book Synopsis National Economic Planning by : Don Lavoie
Download or read book National Economic Planning written by Don Lavoie and published by Cato Institute. This book was released on 1985-06-01 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Don Lavoie argues that the radical Left's enthusiasm for planning has been a tragic mistake and that progressive social change requires the abandonment of this traditional view. Lavoie argues that planning—whether Marxism, economic democracy, or industrial policy—can only disrupt social and economic coordination. He challenges both radicals and their critics to begin reformulating our whole notion of progressive economic change without reliance on central planning. National Economic Planning: What is Left? will challenge thinkers and policymakers of every political persuasion.
Book Synopsis Economic Point of View by : Israel M. Kirzner
Download or read book Economic Point of View written by Israel M. Kirzner and published by Ludwig von Mises Institute. This book was released on 1960 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The People's Republic of Walmart by : Leigh Phillips
Download or read book The People's Republic of Walmart written by Leigh Phillips and published by Verso Books. This book was released on 2019-03-05 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are multi-national corporations like Walmart and Amazon laying the groundwork for international socialism? For the left and the right, major multinational companies are held up as the ultimate expressions of free-market capitalism. Their remarkable success appears to vindicate the old idea that modern society is too complex to be subjected to a plan. And yet, as Leigh Phillips and Michal Rozworski argue, much of the economy of the West is centrally planned at present. Not only is planning on vast scales possible, we already have it and it works. The real question is whether planning can be democratic. Can it be transformed to work for us? An engaging, polemical romp through economic theory, computational complexity, and the history of planning, The People’s Republic of Walmart revives the conversation about how society can extend democratic decision-making to all economic matters. With the advances in information technology in recent decades and the emergence of globe-straddling collective enterprises, democratic planning in the interest of all humanity is more important and closer to attainment than ever before.
Book Synopsis Prices and Knowledge by : Esteban F. Thomsen
Download or read book Prices and Knowledge written by Esteban F. Thomsen and published by Routledge. This book was released on 2002-01-22 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1992. Routledge is an imprint of Taylor & Francis, an informa company.
Book Synopsis Discovery, Capitalism, and Distributive Justice by : Israel M. Kirzner
Download or read book Discovery, Capitalism, and Distributive Justice written by Israel M. Kirzner and published by Collected Works of Israel M. K. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discovery, Capitalism, and Distributive Justice makes Kirzner's case for the idea that entrepreneurial profit is both essential for an economy and profoundly just. Asserting that the problem with standard criticism of capitalist income distribution is a failure to see capitalism as a "discovery procedure," Kirzner argues that production and subsequent profit are neither automatic nor guaranteed. This important contribution to the larger debate of the capitalist system clarifies core economic issues, so that the positive science of economics can enlighten our understanding of justice in capitalist distribution. Successful production always results from the discovery of an opportunity to obtain new gains from trade, i.e., the discovery of entrepreneurial profit. Kirzner shows that profit is the just and fair possession of its discoverer. This is what he calls the "finders-keepers" rule: "The finders-keepers rule asserts that an unowned object becomes the justly owned property of the first person who, discovering its availability and its potential value, takes possession of it." Richard Ebeling reviewed the work in 1989, saying, "the heart of Professor Kirzner's argument is that every discovery of a new opportunity is the appropriation of that which had not existed before a human mind had seen the potential in that object." Kirzner's monograph is complemented here by three important articles on the subject of economic justice, a critique of Kirzner's theory, and a reply from Kirzner to that critique. Kirzner's finders-keepers rule of entrepreneurial profit and market distribution stands as one of the foremost defenses of the distribution of income and profit in the free-enterprise system. Israel M. Kirzner is a leading economist in the Austrian School and Professor Emeritus of Economics at New York University. Peter J. Boettke is University Professor of Economics and Philosophy at George Mason University and the BB&T Professor for the Study of Capitalism at the Mercatus Center. His publications include Living Economics, The Handbook of Contemporary Austrian Economics, and The Elgar Companion to Austrian Economics. He has been the editor of The Review of Austrian Economics since 1998. Frédéric Sautet is Associate Professor at The Catholic University of America, School of Business and Economics. He is a specialist in Austrian market process theory and teaches entrepreneurship studies. He has taught at George Mason University of Paris Dauphine. He is the author of An Entrepreneurial Theory of the Firm and has published widely on entrepreneurship.
Book Synopsis What Should Economists Do? by : James M. Buchanan
Download or read book What Should Economists Do? written by James M. Buchanan and published by Indianapolis : Liberty Press. This book was released on 1979 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is a collection of sixteen essays on three general topics: the methodology of economics, the applicability of economic reasoning to political science and other social sciences, and the relevance of economics as moral philosophy. Several essays are published here for the first time, including "Professor Alchian on Economic Method," "Natural and Artifactual Man," and "Public Choice and Ideology." This book provides relatively easy access to a wide range of work by a moral and legal philosopher, a welfare economist who has consistently defended the primacy of the contractarian ethic, a public finance theorist, and a founder of the burgeoning subdiscipline of public choice. Buchanan's work has spawned a methodological revolution in the way economists and other scholars think about government and government activity. As a measure of recognition for his significant contribution, Dr. Buchanan was awarded the 1986 Nobel Prize in Economics.
Book Synopsis The Meaning of the Market Process by : Israel M Kirzner
Download or read book The Meaning of the Market Process written by Israel M Kirzner and published by Routledge. This book was released on 2002-09-11 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This book offers substantive insights in support of this theory and a new historical interpretation of how the ideas of modern Austrians emerged.
Book Synopsis Comparative Economic Systems by : A. Zimbalist
Download or read book Comparative Economic Systems written by A. Zimbalist and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: 3 edge, methods and theory. I turn now to some of my own reflections on this score. Some Reflections My first proposition is that if we are interested in analyzing the performance and dynamic properties of the world's economies, it is only at significant peril that comparative economists can overlook noneconomic or "political" factors. This is not to say that it is illegitimate to abstract from non-economic factors for particular purposes; rather, such abstraction should occur only with cogni zance of the influences being suppressed. I have argued elsewhere that the analytical compromise in suppressing noneconomic variables is greater for the study of planned than for market economies. [7] Borrowing from Polanyi [8], it is claimed that in market sys tems the economic sphere is disembedded from (separate and not subordinate to) the political, social and cultural spheres, while in planned systems the economic sphere is embedded in the noneconomic spheres. To be sure, market economies are strongly affected by political and cultural factors, but planned economies have and often exercise the potential to let political goals dominate in making production, allocational, or distributional choices. Indeed, it is difficult in practice to separate out what are political and what are economic decisions in planned systems.
Book Synopsis Competition and Entrepreneurship by : Israel M. Kirzner
Download or read book Competition and Entrepreneurship written by Israel M. Kirzner and published by University of Chicago Press. This book was released on 2015-07-10 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stressing verbal logic rather than mathematics, Israel M. Kirzner provides at once a thorough critique of contemporary price theory, an essay on the theory of entrepreneurship, and an essay on the theory of competition. Competition and Entrepreneurship offers a new appraisal of quality competition, of selling effort, and of the fundamental weaknesses of contemporary welfare economics. Kirzner's book establishes a theory of the market and the price system which differs from orthodox price theory. He sees orthodox price theory as explaining the configuration of prices and quantities that satisfied the conditions for equilibrium. Mr. Kirzner argues that "it is more useful to look to price theory to help understand how the decisions of individual participants in the market interact to generate the market forces which compel changes in prices, outputs, and methods of production and in the allocation of resources." Although Competition and Entrepreneurship is primarily concerned with the operation of the market economy, Kirzner's insights can be applied to crucial aspects of centrally planned economic systems as well. In the analysis of these processes, Kirzner clearly shows that the rediscovery of the entrepreneur must emerge as a step of major importance.
Book Synopsis An Entrepreneurial Theory of the Firm by : Frédéric Sautet
Download or read book An Entrepreneurial Theory of the Firm written by Frédéric Sautet and published by Routledge. This book was released on 2000-05-11 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This original, provocative work encompasses a wealth of existing literature and leads it in a new direction. It will inspire economic scholars particularly within the fields of Austrian economies and the theory of the firm.
Book Synopsis Socialism and the Market by : Peter J. Boettke
Download or read book Socialism and the Market written by Peter J. Boettke and published by Psychology Press. This book was released on 1999-12-23 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This set contains the material necessary for a full understanding of the Socialist Calculation debate, as well as giving critical insight into the relative merits of Capitalism, Socialism and the alternative Market Socialism.
Book Synopsis The Elgar Companion to Austrian Economics by : P. J. Boettke
Download or read book The Elgar Companion to Austrian Economics written by P. J. Boettke and published by Edward Elgar Publishing. This book was released on 1998-01-01 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The book can be recommended both to those who know something about Austrian economics already, and to those who know nothing.' David Simpson, Economic Affairs 'Mr Boettke's very readable compendium consists of short articles by mostly young scholars, selected to illustrate the diversity and fecundity of modern Austrian economics.' Michael Prowse, The Financial Times The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions, including technical economics, methodology of the social sciences, political theory and political science. This book includes contributions from an international group of scholars whose work demonstrates a basic similarity and interest in questions which have historically been associated with the Austrian approach to economics, although many of the contributors would not consider themselves to be strictly of this school. The distinguished team of contributors commissioned by the editor includes: K.D. Hoover, I.M. Kirzner, A. Klamer, D. Lavoie, C.K. Rowley, M. Rizzo, M. Rutherford, R.E. Wagner, U. Witt, L. Yeager. Each entry is fully referenced and includes suggestions for further readings on the topic. The Companion will be the standard reference work for all those engaged in the field of Austrian Economics. It not only introduces students to the Austrian school, but also serves as an important research tool for scholars working within the Austrian tradition.
Book Synopsis The Knowledge Economy by : Roberto Mangabeira Unger
Download or read book The Knowledge Economy written by Roberto Mangabeira Unger and published by Verso Books. This book was released on 2019-03-19 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revolutionary account of the transformative potential of the knowledge economy Adam Smith and Karl Marx recognized that the best way to understand the economy is to study the most advanced practice of production. Today that practice is no longer conventional manufacturing: it is the radically innovative vanguard known as the knowledge economy. In every part of the production system it remains a fringe excluding the vast majority of workers and businesses. This book explores the hidden nature of the knowledge economy and its possible futures. The confinement of the knowledge economy to these insular vanguards has become a driver of economic stagnation and inequality throughout the world. Traditional mass production has stopped working as a shortcut to economic growth. But the alternative—a deepened and socially inclusive form of the knowledge economy—continues to lie beyond reach in even the richest countries. The shape of contemporary politics on both the left and the right reflects a failure to come to terms with this dilemma and to overcome it. Unger explains the knowledge economy in the truncated and confined form that it has today and proposes the way to a knowledge economy for the many: changes not just in economic institutions but also in education, culture, and politics. Just as Smith and Marx did in their time, he uses an understanding of the most advanced practice of production to rethink both economics and the economy as a whole.
Book Synopsis Individualism and Economic Order by : F. A. Hayek
Download or read book Individualism and Economic Order written by F. A. Hayek and published by University of Chicago Press. This book was released on 2012-12-01 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: “These essays . . . bring great learning and . . . intelligence to bear upon economic and social issues of central importance to our era.” —Henry Hazlitt, Newsweek In this collection of writings, Nobel laureate Friedrich A. Hayek discusses topics from moral philosophy and the methods of the social sciences to economic theory as different aspects of the same central issue: free markets versus socialist planned economies. First published in the 1930s and 40s, these essays continue to illuminate the problems faced by developing and formerly socialist countries. F. A. Hayek, recipient of the Medal of Freedom in 1991 and winner of the Nobel Memorial Prize in Economics in 1974, taught at the University of Chicago, the University of London, and the University of Freiburg. Among his other works published by the University of Chicago Press is The Road to Serfdom, now available in a special fiftieth anniversary edition. “There is much interesting and valuable material in this meaty . . . book which must ultimately help the world make up its mind on a vital issue: to plan or not to plan?” —S. E. Harris, The New York Times “Those who disagree with him cannot afford to ignore him . . . This is especially true of a book like the present one.” —George Soule, Nation
Book Synopsis Perfect Competition and the Transformation of Economics by : Frank Machovec
Download or read book Perfect Competition and the Transformation of Economics written by Frank Machovec and published by Routledge. This book was released on 1995-05-04 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Frank Machovec argues that the assumption of perfect information has done untold economic damage. It has provided the rationale for active state intervention and has obscured the extent to which entrepreneurial activity depends upon the exploitation of asymmetric information.
Book Synopsis Risk, Uncertainty and Profit by : Frank H. Knight
Download or read book Risk, Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
