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Production Theory Quote of the Day


Tags Production Theory

Production functions aren't given. They have to be discovered. This is what entrepreneurship is about; the superiority of Austrian over neoclassical economics lies in seeing this fact.

That's Chris Dillow, commenting on his blog on the Times piece posted earlier by Mark Thornton.

Additional commentary here.

Peter G. Klein is Carl Menger Research Fellow of the Mises Institute and W. W. Caruth Chair and Professor of Entrepreneurship at Baylor University's Hankamer School of Business.

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