What is a “market”?

I attended a conference last week and, especially, a research development workshop. In this workshop, one of the discussants commented on a paper that the author (not me) had to make it clear whether the firm was “entering a new market or only launching a new product in an existing market.” That comment totally confused […]

On Menger’s “Principles of Economics”

Mises supposedly said that Carl Menger’s Principles was still (at the time) the best introduction to Austrian economics. This is certainly true, but I would go further than that. The Principles is not only an introduction to Austrian economics but a great introduction to sound economic thinking. Whether you agree with “Austrians” or not, and […]

On Kirzner’s “Perception, Opportunity, and Profit”

Kirzner’s Perception, Opportunity, and Profit is a collection of essays, previously published and unpublished, on a number of issues relating to the well-known Kirznerian concept of entrepreneurship. As such, it supposedly offers a clarifying discussion on what is meant by “pure” entrepreneurship, alertness (as opposed to innovation, judgment, etc.), and, perhaps the most provocative part of […]