approach to economic analysis. Instead, modern microeconomics depicts a competitive equilibrium as the benchmark for economic efficiency, and analyzes how economic policy can move an economy toward that equilibrium. This is done by correcting innovative firms and slowing economic progress. In macroeconomics, stabilization policies work against progress by using monetary policy to interfere with price
down did IBM strike an agreement with Gates and Microsoft.[4] But Gates even had competition for the IBM PC operating system. Originally, PC/DOS software was sold and Growth Hülsmann ends his comment by drawing a completely mistaken policy conclusion from my analysis. He says, “If economic growth were really
of the role that markets play in the process of growth is relevant to the public-policy question of what institutions foster economic growth, but is peripheral to the to come upon previously unexploited profit opportunities, because in neoclassical competitive equilibrium, all profit opportunities have been competed away.[7] In Economics.” Economic Journal 82 (December): 1237–255. Kirzner, Israel M. 1973. Competition and Entrepreneurship. Chicago: University of Chicago Press. ———. 1979.
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.