Israel Kirzner on His Career as an Austrian Economist
Hayek Program Podcast
00:00
Decision Making Is Not an Exercise in Constrained Maximization
By the end of the sixties, i saw the light. I had never understood why mesus chose human action as the name of his treatise on economics. It seemed to me a crazy title. And i still believe that mesus was not successful in projecting what he was trying to do. But he was getting at the point that decision making is not an exercise in constrained maximization. We live in an open ended world where when you make a decision, you are not choosing an allocation pattern within a given framework. You are identifying your framework. That is the human action concept and that is the untra penureal concept. Once you've got that, you've got a different
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