Resource-advantage Theory and Austrian Economics: toward an Austrian Theory of Competition?

  • Shelby D. Hunt, Jerry S. Rawls, Edward Elgar
  • Published 2002


What is the lesson of the ‘socialist calculation’ debate? For Israel Kirzner, the major lesson of the debate is that the Austrian position represented a critique of socialism because it recognized that markets under capitalism constitute a dynamic process of entrepreneurial discovery. A new theory of competition, labeled ‘resource-advantage theory’ has been… (More)


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