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ANYTHING PEACEFUL

Kirzner on the Distinction between Equilibrium and Process

JUNE 07, 2012 by NICHOLAS SNOW

What is Austrian economics and how does it differ from other strands of neoclassical economics? These are question that anyone who has studied Austrian economics eventually gets asked. If you have ever had any trouble coming up with a satisfactory answer, fear no more. Israel Kirzner provides a nice short answer to both in today’s document (pdf). It is an outline for Professor Kirzner’s paper “Methodological Individualism, Market Equilibrium, and Market Process” (published in vol. 32 of Il Politico in 1967) and was provided for the September 1967 Mont Pelerin Society meetings in Vichy, France.

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April 2014

Around the world, people are struggling to throw off authoritarianism, with deeply mixed results. From Egypt to Venezuela, determined people build networks to overthrow their regimes, but as yet we have not learned to live without Leviathan. In this issue, Michael Malice and Gary Dudney discuss their glimpses inside totalitarian regimes, while Sarah Skwire and Michael Nolan look at how totalitarian regimes grind down the individual--and how individuals fight back. Plus, Jeffrey Tucker identifies a strain in libertarianism that, left unchecked, could reduce even our vibrant movement to something that is analogous to the grim aesthetic of architectural brutalism. The struggle for our lives and freedom is a struggle for beauty; it begins inside each of us.
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