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Israel M. Kirzner
Market Theory and the Price System
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THE COLLECTED WORKS OF ISRAEL M. KIRZNER
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CONTENTS
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PREFACE
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1
THE NATURE AND TASKS OF MARKET THEORY
THE INDIVIDUAL AND THE MARKET
THE MARKET SYSTEM
THE FOUNDATIONS OF MARKET THEORY
THE INDIVIDUAL AND ECONOMIC BEHAVIOR
ECONOMIC THEORY AND ECONOMIC REALITY
MARKET THEORY, ECONOMIC THEORY, AND ECONOMICS
SUMMARY
SUGGESTED READINGS
2
THE MARKET: ITS STRUCTURE AND OPERATION
THE CONDITIONS UNDER WHICH THE MARKET OPERATES
MARKET ROLES
THE STRUCTURE OF THE MARKET SYSTEM: VERTICAL RELATIONSHIPS
THE STRUCTURE OF THE MARKET SYSTEM: HORIZONTAL RELATIONSHIPS
THE ANALYSIS OF HUMAN ACTION IN THE MARKET: THE CONCEPT OF EQUILIBRIUM
COMPLETE AND INCOMPLETE EQUILIBRIUM
THE PATTERN OF MARKET ADJUSTMENT
THE CHANGING MARKET
THE MARKET SYSTEM AS A WHOLE
SUMMARY
SUGGESTED READINGS
3
EFFICIENCY, COORDINATION, AND THE MARKET ECONOMY
THE ECONOMIC PROBLEM
SOCIETY AND THE ECONOMIC PROBLEM
THE PROBLEM OF COORDINATION
HOW THE MARKET SOLVES THE PROBLEMS OF COORDINATION
THE COORDINATING FUNCTION OF PROFITS IN A MARKET ECONOMY
SUMMARY
SUGGESTED READINGS
4
UTILITY THEORY
THE SCALE OF VALUES
MARGINAL UTILITY
DIMINISHING MARGINAL UTILITY
THE MARGINAL UTILITIES OF RELATED GOODS
MARGINAL UTILITY—SOME FURTHER REMARKS
The Paradox of Value
The Subjective Character of Utility
Utility as a Relative Concept
The Ordinal Character of Utility
Total Utility and Marginal Utility
MARGINAL UTILITY AND THE CONDITIONS FOR EXCHANGE
SUMMARY
SUGGESTED READINGS
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