Kirzner's argument for the relevance and uniqueness of Austrian economics relating to neoclassical theory: the tendency to equilibrium and the Jevons’ law of indifference

Abstract

ABSTRACT This paper examines Kirzner's contribution to the study of the equilibrating tendency in economics. By analyzing his interpretation of Jevons’ law of indifference, we participate in the debate on Kirzner association with neoclassicals when discussing the equilibrating tendency. A reconstruction of Kirzner’s use of Jevons’ law is conducted, considering his argumentative strategy when presenting the Austrian economics ideas to other professionals in the field. We conclude that Kirzner drew close to neoclassical economics to emphasize the relevance and uniqueness of Austrian economics. By doing so, we highlight the main differences between the two currents of economic thought.