Israel Kirzner

AAA

DEFINITION of 'Israel Kirzner'

A preeminent Austrian economist and professor emeritus of economics at New York University. Kirzner is known for his research in the economics of knowledge and entrepreneurship and the ethics of markets. Born in 1930 in London, he earned an MBA and Ph.D. from New York University while studying under another leading Austrian economist, Ludwig von Mises.

INVESTOPEDIA EXPLAINS 'Israel Kirzner'

Kirzner has authored and edited many books, including Competition and Entrepreneurship; Perception, Opportunity, and Profit; and The Meaning of Market Process, as well as numerous articles and book reviews. Recurring themes in his writing, as described by fellow economists Peter Boettke and Mario Rizzo, are the entrepreneurial function within the market, the institutional prerequisites for economic development and the examination of distributive justice.

RELATED TERMS
  1. John Stuart Mill

    A nineteenth-century British philosopher and classical liberal ...
  2. Business Ethics

    The study of proper business policies and practices regarding ...
  3. Economist

    An expert who studies the relationship between a society's resources ...
  4. Dismal Science

    A term coined by Scottish writer, essayist and historian Thomas ...
  5. Economics

    A social science that studies how individuals, governments, firms ...
  6. Entrepreneur

    An individual who, rather than working as an employee, runs a ...
RELATED FAQS
  1. According to the neoclassical growth theory, what factors influence the growth of ...

    The neoclassical growth theory builds five major variables into its time-sensitive production formula. The first is total ... Read Full Answer >>
  2. What industries are typically considered infant industries?

    Infant industries are those considered vulnerable to established competitors. Some examples of infant industries include ... Read Full Answer >>
  3. How is game theory related to the Nash equilibrium?

    The Nash equilibrium is an important concept in game theory referring to a stable state in a game where no player can gain ... Read Full Answer >>
  4. How can individuals or businesses handle transaction costs for economic externalities?

    Externalities, also known as external economies, and transaction costs are two significant and evolving issues in contemporary ... Read Full Answer >>
  5. How can a change in fiscal policy have a multiplier effect on the economy?

    A change in fiscal policy has a multiplier effect on the economy because fiscal policy affects spending, consumption and ... Read Full Answer >>
  6. How do you calculate the marginal propensity to consume?

    The standard formula for calculating the marginal propensity to consume, or MPC, is marginal consumption divided by marginal ... Read Full Answer >>
Related Articles
  1. Fundamental Analysis

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  2. Economics

    The Austrian School Of Economics

    Investopedia explains: If you think economists are only concerned with numbers, check out the Austrian School, who are more like economic philosophers.
  3. Options & Futures

    Nobel Winners Are Economic Prizes

    Before you try to profit from their theories, you should learn about the creators themselves.
  4. Economics

    The Uncertainty Of Economics: Exploring The Dismal Science

    Learning about the study of economics can help you understand why you face contradictions in the market.
  5. Economics

    The History Of Economic Thought

    Economics is a vital part of every day life. Discover the major players who shaped its development.
  6. Personal Finance

    No, Money Doesn't Grow On Trees

    It’s never too soon to start teaching children important life lessons about money. Here are six books that make it fun.
  7. Personal Finance

    What Is The “Taper Tantrum” And Should You Fear It?

    If the Fed can figure out a way to raise interest rates and mitigate the effects, then the possible Taper Tantrum will barely be felt.
  8. Stock Analysis

    Google Stock: A Tale of Two Share Classes

    Google stock comes in two different flavors with different rights for shareholders.
  9. Personal Finance

    How To Calculate Beta Of A Private Company

    We explain two methods for calculating the beta of a private company.
  10. Options & Futures

    Taking Measure: Gold, Diamonds and... Karats?

    We look at the difference between karats and carats, as well as investment opportunities in gold and diamonds.

You May Also Like

Hot Definitions
  1. Multicurrency Note Facility

    A credit facility that finances short- to medium-term Euro notes. Multicurrency note facilities are denominated in many currencies. ...
  2. National Currency

    The currency or legal tender issued by a nation's central bank or monetary authority. The national currency of a nation is ...
  3. Treasury Yield

    The return on investment, expressed as a percentage, on the debt obligations of the U.S. government. Treasuries are considered ...
  4. Bund

    A bond issued by Germany's federal government, or the German word for "bond." Bunds are the German equivalent of U.S. Treasury ...
  5. European Central Bank - ECB

    The central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed ...
  6. Quantitative Easing

    An unconventional monetary policy in which a central bank purchases private sector financial assets in order to lower interest ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!