Israel Kirzner elaborates on the outcome of governments imposing regulations that are not needed in a country’s market, listing many of the problems derived from said action, such as the existence of minimum wage, child labor, tariff, and price fixing laws, to mention a few.
He thoroughly explains the differences existing between the Austrian and the Neoclassical economic theories regarding this subject, which ultimately refer to the knowledge of ones and the lack of knowledge and assumptions of the others; stating, as well, the non-Austrian arguments against ruling, making a comparison with those of the Austrian perspective and pointing out that for the theorists of the latter, every action enables entrepreneurs to reallocate resources where they will be better used.
Kirzner stresses that the market is a discovery procedure and comments on the four aspects of regulation that reflect a failure to its understanding, such as the undiscovered, unsimulated, stifled, and the superfluous discovery processes. Additionally, he states that even though he has not proven that market regulation is immoral or even inefficient, it is the responsibility of economists to draw attention of its dangers, in order for public officials and citizens to be aware.
Israel Kirzner is a leading economist of the Austrian School of…
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Universidad Francisco Marroquín