- Paperback: 239 pages
- Publisher: Liberty Fund Inc (1 July 2009)
- Language English
- ISBN-10: 0865977348
- ISBN-13: 978-0865977341
- Product Dimensions: 22.6 x 15.5 x 2 cm
- Amazon Bestsellers Rank: 1,856,400 in Books (See Top 100 in Books)
- See Complete Table of Contents
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Product Description
The inaugural volume in Liberty Fund's new "Collected Works of Israel M Kirzner" series, "The Economic Point of View" contains Kirzner's 1960 doctoral dissertation under Ludwig von Mises, a work that established Kirzner as a careful and meticulous scholar of economics.
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6 reviews
11 of 11 people found the following review helpful
Action versus Economizing
1 Nov 2007
The reprinting of this book is long overdue. The Economic Point of View explains the difference between economizing and action. As Kirzner puts it "Economizing consists in the allocation of scarce resources among competing ends. Acting, in the praxeological sense, consists in selecting a pattern of behavior designed to further the actor's purposes". The main points in this book are subtle enough to have been overlooked by nearly all modern economists.
The Economic Point of View is important not only as a history of economic thought, but as an explanation of where our thinking about economics went wrong. Lionel Robbins shaped modern economics with his idea that economics is about choosing between means of attaining given ends. The simplicity of Robbins' conception of economics makes it persuasive. The idea that we must choose between ends due to scarcity seems so obvious that it is hard to imagine fault with this idea. Mises taught Kirzner well enough to see the weaknesses with the Robbinsian conception of economics.
The dominance of Robbins type economics has led economic theory to a number of dead ends. Economists came to think only in terms of optimization problems, while ignoring real market processes driven by human action. Given that economics drifted into further greater error after the publication of The Economic Point of View, one could judge this book a failure. Such a judgment would, however, be unfair. Kirzner explains the importance of the idea of action, as opposed to economizing, in a relatively clear and concise manner (as compared to Mises). Kirzner succeeded both in explaining the importance of the action principle and the shortcomings of the economizing principle. The failure of many to appreciate (or even notice) important ideas is not the fault of the messenger. The ideas in this book are important. Anyone interested in understanding the fundamentals of economic science should read this book, along with Carl Menger's 'Principles of Economics' and Buchanan's 'Cost and Choice' and 'What should Economists do?'.
The Economic Point of View is important not only as a history of economic thought, but as an explanation of where our thinking about economics went wrong. Lionel Robbins shaped modern economics with his idea that economics is about choosing between means of attaining given ends. The simplicity of Robbins' conception of economics makes it persuasive. The idea that we must choose between ends due to scarcity seems so obvious that it is hard to imagine fault with this idea. Mises taught Kirzner well enough to see the weaknesses with the Robbinsian conception of economics.
The dominance of Robbins type economics has led economic theory to a number of dead ends. Economists came to think only in terms of optimization problems, while ignoring real market processes driven by human action. Given that economics drifted into further greater error after the publication of The Economic Point of View, one could judge this book a failure. Such a judgment would, however, be unfair. Kirzner explains the importance of the idea of action, as opposed to economizing, in a relatively clear and concise manner (as compared to Mises). Kirzner succeeded both in explaining the importance of the action principle and the shortcomings of the economizing principle. The failure of many to appreciate (or even notice) important ideas is not the fault of the messenger. The ideas in this book are important. Anyone interested in understanding the fundamentals of economic science should read this book, along with Carl Menger's 'Principles of Economics' and Buchanan's 'Cost and Choice' and 'What should Economists do?'.
2 of 2 people found the following review helpful
The best part of the book is the Becker/Kirzner debate on economic rationality
4 May 2010
Format:Paperback|Amazon Verified Purchase
This book is the PHD dissertation of Israel Kirzner, the most important Austrian economist of the second half of the 20th century. Kirzner's dissertation is about the evolution of the concept of economics that economists held through the history of economic thought. He starts with the conceptions of the classical economists of economics as an science of wealth, and gradually progresses to reach the cutting edge in the methodological understanding of economics (by his point of view writing in the late 50's) as the science of Human Action, articulated in its best and most complete form by Mises in his Human Action.
The book is about the history of economic thought on most fundamental methodological problems that faced and currently face the science of economics, about the very meaning of economics as an field of research. Highly recommended for someone who wishes to focus on a deeper study of Austrian economics.
Also, the book includes the debate between Gary Becker and Kirzner about the consequences of irrationality for economic theory. Becker defends the point of view that economics doesn't need to assume rational agents to yield the most important results of price theory. Kirzner them shows the importance of rationality not for the determination of the equilibrium allocations of the market but for the process of reaching the economic equilibrium: agents need to be rational to learn about the situation of the market and adjust their plans in order to generate tendencies towards coordination of plans, and therefore, to reach the equilibrium.
The book is about the history of economic thought on most fundamental methodological problems that faced and currently face the science of economics, about the very meaning of economics as an field of research. Highly recommended for someone who wishes to focus on a deeper study of Austrian economics.
Also, the book includes the debate between Gary Becker and Kirzner about the consequences of irrationality for economic theory. Becker defends the point of view that economics doesn't need to assume rational agents to yield the most important results of price theory. Kirzner them shows the importance of rationality not for the determination of the equilibrium allocations of the market but for the process of reaching the economic equilibrium: agents need to be rational to learn about the situation of the market and adjust their plans in order to generate tendencies towards coordination of plans, and therefore, to reach the equilibrium.
2 of 2 people found the following review helpful
An intellectual and educational read that belongs on any economics research shelf
15 Mar 2010
Format:Paperback
Certain thinkers in a field rise far and above all others in their field to grant new ideas. "The Economic Point of View: The Collected Works of Israel M. Kirzner" is the collected essays of Kirzner, an Austrian economist who is highly revered in scholarly circles that discuss economics. Here, his writings lay out his beliefs and ideas with much evidence on how he believes the world of money works in the modern era. Drawing on debates Kirzner engaged in and other sources, "The Economic Point of View" is an intellectual and educational read that belongs on any economics research shelf.
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