Advertising, by Israel Kirzner
JUNE 15, 2010
In this lecture, given in 1971, Israel Kirzner responds to critics of advertisement. As an integral part of the laissez-faire market economy, advertising is a mechanism that provides information about the product. Producers make their products available to consumers, but they also need to make consumers aware of the existence of these products. Thus, Professor Kirzner concludes, advertising as a product is the expression of entrepreneurial responsibility.