Best of the Podcast! — Israel Kirzner on the Revival of Austrian Economics
Hayek Program Podcast
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The Importance of Human Action in the Dynamic Market Process
Mises presented economics as concerned not with economizing decision making, but with human action. Mises' focus on human action led him to emphasize the role of pure entrepreneurship in individual action and in the dynamic market process. Only if a market were already in the state of general equilibrium could it be imagined that every individual is correctly aware of all relevant market prices. Current market prices are by no means given. They are in continual flux as a result of market movements during the storm of adjustments which mark the Disequilibrium market.
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