Israel M. Kirzner
Abstract
Why did a brilliant economist who favoured capitalism argue that it would be replaced by socialism because of its very success? Professor Kirzner, an authority on Austrian economics, rejects the capitalism‐is‐doomed hypothesis of the Austrian Joseph Schumpeter, author of Capitalism, Socialism and Democracy.
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Why did a brilliant economist who favoured capitalism argue that it would be replaced by socialism because of its very success? Professor Kirzner, an authority on Austrian economics, rejects the capitalism‐is‐doomed hypothesis of the Austrian Joseph Schumpeter, author of Capitalism, Socialism and Democracy.
Key concepts: Capitalism, Socialism, Neoclassical economics, Democracy, Yield (engineering), State socialism, Economics, Economic system