Israel M. Kirzner and the Entrepreneurial Market Process: An Appreciation

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Israel Kirzner is an underappreciated economist. Kirzner has revived our understanding of the systemic role of the entrepreneur as the driving force of open and competitive markets, understood as a process of discovery, error correction, and learning. During his prolific career, he has made major contributions to the theory of capital and interest, economic methodology, the history of economic thought, and, especially, the economics and ethics of entrepreneurship.