Discussion of Israel Kirzner’s Work on Entrepreneurship

Check this out at Liberty Matters. Lead Essay: Peter J. Boettke, "Israel M. Kirzner on Competitive Behavior, Industrial Structure, and the Entrepreneurial Market Process" [Posted: March 1, 2017] Responses and Critiques Mario J. Rizzo, "Kirzner’s Theory of the Market Process" [Posted: March 6, 2017] Peter G. Klein, "Entrepreneurial Discovery: Who Needs It?" [Posted: March 8, … Continue reading Discussion of Israel Kirzner’s Work on Entrepreneurship

The Unfairness of Taxi Fares

by Mario Rizzo Some time ago I was accused by the noted economist and psychiatrist Professor Bradford DeLong of being a "psychopath" and "clinically crazy" because I suggested that people should not tip cab drivers in New York City. I do not intend to revisit that particular issue here. This time I would like to … Continue reading The Unfairness of Taxi Fares

Krugman Mangles Smith

by Gene Callahan Here's Paul Krugman, explaining the meaning of Adam Smith's pin factory, and why it opposes Smith's invisible hand metaphor: "What may not be obvious is the way these two concepts [pin factory and invisible hand] stand in opposition to each other. The parable of the pin factory says that there are increasing … Continue reading Krugman Mangles Smith

Arizona law a blow to liberty

by Roger Koppl Kris Kobach defends Arizona's new immigration law, SB 1070, in today's New York Times.  He says, "Presumably, the government lawyers . . . will actually read the law, something its critics don’t seem to have done."  Well, I read the law and I do not like it. Whenever a  law enforcement officer makes … Continue reading Arizona law a blow to liberty

Frank and Stein

by Thomas McQuade   In a recent opinion piece in The New York Times (“The Invisible Hand, Trumped by Darwin?”), Robert H. Frank proposes that Charles Darwin, not Adam Smith, should be seen as the real intellectual founder of the discipline of economics.  He claims that Smith’s most famous idea – that the competitive pursuit of … Continue reading Frank and Stein