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Stressing verbal logic rather than mathematics, Israel M. Kirzner provides at once a thorough critique of contemporary price theory, an essay on the theory of entrepreneurship, and an essay on the theory of competition.
Competition and Entrepreneurship offers a new appraisal of quality competition, of selling effort, and of the fundamental weaknesses of contemporary welfare economics.

Kirzner's book establishes a theory of the market and the price system which differs from orthodox price theory. He sees orthodox price theory as explaining the configuration of prices and quantities that satisfied the conditions for equilibrium. Mr. Kirzner argues that ""it is more useful to look to price theory to help understand how the decisions of individual participants in the market interact to generate the market forces which compel changes in prices, outputs, and methods of production and in the allocation of resources.""

Although Competition and Entrepreneurship is primarily concerned with the operation of the market economy, Kirzner's insights can be applied to crucial aspects of centrally planned economic systems as well. In the analysis of these processes, Kirzner clearly shows that the rediscovery of the entrepreneur must emerge as a step of major importance.

Israel M. Kirzner

Israel Meir Kirzner (Yisroel Mayer Kirzner) (1930) is a leading economist in the Austrian School.

After studying with the University of Cape Town, South Africa in 1947-48 and with the University of London External Programme in 1950-51, Kirzner received his B.A. summa cum laude from Brooklyn College in 1954, an MBA in 1955 and Ph.D. from New York University in 1957 (studying under Ludwig von Mises).

Kirzner's major work is in the economics of knowledge and entrepreneurship and the ethics of markets. He is emeritus professor of economics at New York University, and is a leading authority on Ludwig von Mises’' thinking and methodology in economics. Kirzner's research on entrepreneurship economics is also widely recognized In 2006, Kirzner received the Global Award for Entrepreuneurship Research "for developing the economic theory emphasizing the importance of the entrepreneur for economic growth and the functioning of the capitalist process."

No other economist in recent times has been so closely identified with Austrian School of economics as Israel M. Kirzner.