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Best of the Podcast! — Israel Kirzner on the Revival of Austrian Economics

Hayek Program Podcast

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The Evolution of Robbins' Definition of Economic Perspective

In 1932, Lionel Robbins presented his celebrated definition of that which is economic. In the market society, scarce means with respect to which an individual must economize turn out to be definable only in terms of opportunities being made available by others. A person's budget constraint is a function of the market prices of the items which you might be interested in buying.

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