Discovery Factors of Economic Freedom: Respondence, Epiphany, and Serendipity

UNCERTAINTY AND ECONOMIC EVOLUTION: ESSAYS IN HONOR OF ARMEN ALCHIAN, John R. Lott, Jr., ed., London: Routledge, 1997

Posted: 24 Feb 2004

See all articles by Daniel B. Klein

Daniel B. Klein

George Mason University - Department of Economics

Abstract

Economists place a heavy emphasis on equilibrium model building, and this emphasis leads them to think of economic freedom as the freedom to choose in a neatly characterized setting. Three other facets of economic freedom, facets that tend to be eclipsed by model building, are the freedom to respond flexibly to opportunities (which I associate with Coase), the freedom to discover opportunities by epiphany (associated with Kirzner), and the freedom to discover opportunities by serendipity (associated with Alchian). Neglect of these discovery factors tends toward an under-appreciation of freedom.

Note: This is a description of the book and not the actual excerpt.

Suggested Citation

Klein, Daniel B., Discovery Factors of Economic Freedom: Respondence, Epiphany, and Serendipity. UNCERTAINTY AND ECONOMIC EVOLUTION: ESSAYS IN HONOR OF ARMEN ALCHIAN, John R. Lott, Jr., ed., London: Routledge, 1997. Available at SSRN: https://ssrn.com/abstract=473429

Daniel B. Klein (Contact Author)

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States

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