Abstract
Kirzner (2019) develops an Austrian perspective to critique Friedman’s universal ethic for profit, specifically for not including a rationale for entrepreneurial discovery of pure profit. In this article, I assess Kirzner’s argument, drawing from the theory originally developed by Carl Menger in his groundbreaking Principles of Economics. I specifically contrast Kirzner’s perspective with Menger’s theory regarding the concept of economic good, which offers insights into how and by whom goods are valued and the implications for the Austrian theory of entrepreneurship and production. Following my assessment and critique, I leverage Menger’s economic theory to draft a uniquely Austrian ethic for the free enterprise system. JEL codes: B53, L26, P1.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.