Friedrich Hayek and Israel Kirzner have suggested that the availability of profit opportunities tends to evoke entrepreneurial discovery. But many have downplayed the conjecture because the Hayekians have not been able to demonstrate the validity of the conjecture. In fact, Hayekians discuss why...

Israel Kirzner has been one of the leaders in fashioning an Austrian school of economics. In his rendering of the Austrian school, one finds a marriage between Friedrich Hayek's discourse with Ludwig von Mises's deductive, praxeological image of science of Ludwig von Mises - a marriage that...

Urban transit in the United States has long been dominated by government ownership and regulation, and has been declining steadily in ridership and productivity (APTA 1995). An economist-cum-policy maker would seek to inject competition and entrepreneurship into the sector by privatizing it. The...