Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This book offers substantive insights in support of this theory and a new historical interpretation of how the ideas of modern Austrians emerged.

Part 1 Part I The market process approach; Chapter 1 Chapter 1 Market process theory: in defence of the Austrian middle ground; Chapter 2 Chapter 2 The meaning of market process; Part 2 Part II The emergence of the Austrian view; Chapter 3 Chapter 3 The Austrian School of economics; Chapter 4 Chapter 4 Carl Menger and the subjectivist tradition in economics; Chapter 5 Chapter 5 Menger, classical liberalism and the Austrian School of economics; Chapter 6 Chapter 6 The economic calculation debate: lessons for Austrians; Chapter 7 Chapter 7 Ludwig von Mises and Friedrich von Hayek: The modern extension of Austrian subjectivism; Part 3 Part III Some new explorations in the Austrian approach; Chapter 8 Chapter 8 Prices, the communication of knowledge and the discovery process; Chapter 9 Chapter 9 Economic planning and the knowledge problem; Chapter 10 Chapter 10 Knowledge problems and their solutions: some relevant distinctions; Chapter 11 Chapter 11 Welfare economics: a modern Austrian perspective; Part 4 Part IV Some related issues emerging from the Austrian approach; Chapter 12 Chapter 12 Self-interest and the new bashing of economics: a fresh opportunity in the perennial debate?; Chapter 13 Chapter 13 Discovery, private property and the theory of justice in capitalist society Notes ReferencesIndex;