Corridors, Coordination, and the Entrepreneurial Theory of the Market Process

The Journal of Private Enterprise, Vol. 25, No. 2, pp. 87-96, 2010

10 Pages Posted: 5 Dec 2010 Last revised: 27 Feb 2012

See all articles by Peter J. Boettke

Peter J. Boettke

George Mason University - Department of Economics; Mercatus Center at George Mason University

Daniel Joseph D'Amico

Loyola University New Orleans - Joseph A. Butt S.J. College of Business - Economics Department

Date Written: April 1, 2010

Abstract

We respond to points made by Klein and Briggeman (2010), who criticize the use of definitive statements within the body of research by Israel Kirzner. We contend that Klein and Briggeman’s critique fails to recognize the context of Kirzner’s arguments within the broader tradition of neoclassical economics. We describe this context and explain its relevance to Kirzner’s conclusions. In contrast to Klein and Briggeman, we see Kirzner as an embodiment of the tradition of political economy begun by Adam Smith. Properly understood, this tradition remains a positive social science. Klein and Briggeman’s concerns regarding definitive statements are well intentioned but misplaced. Political economists should be wary of prediction with precision, but there are scientific truths of economic law – general tendencies and pattern prediction. Kirzner successfully threads these lines.

Keywords: Israel Kirzner, Coordination, Austrian Economics

JEL Classification: B53, B3

Suggested Citation

Boettke, Peter J. and D'Amico, Daniel Joseph, Corridors, Coordination, and the Entrepreneurial Theory of the Market Process (April 1, 2010). The Journal of Private Enterprise, Vol. 25, No. 2, pp. 87-96, 2010, Available at SSRN: https://ssrn.com/abstract=1719680

Peter J. Boettke (Contact Author)

George Mason University - Department of Economics ( email )

4400 University Drive
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Mercatus Center at George Mason University ( email )

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Daniel Joseph D'Amico

Loyola University New Orleans - Joseph A. Butt S.J. College of Business - Economics Department ( email )

6363 St. Charles Ave
Box 015
New Orleans, LA 70118
United States
561-870-5941 (Phone)

HOME PAGE: http://www.danieljdamico.com

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