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<p/><br></br><p><b> Book Synopsis </b></p></br></br><p>The second volume in Liberty Fund's Collected Works of Israel M. Kirzner series, <strong><em>Market Theory and the Price System</em></strong> was published in 1963 as Kirzner's first (and only) textbook. This volume presents an integrated view of Austrian price theory. The basic aim of <em>Market Theory</em> is to utilize the tools of economic reasoning to explain the market process. The unique framework Kirzner develops for microeconomic analysis, following Mises and Hayek, examines errors in decision-making, entrepreneurial profit, and competition as a process of discovery and learning.</p> <p><strong>Israel M. Kirzner</strong> is a leading economist in the Austrian School and Professor Emeritus of Economics at New York University.</p> <p><strong>Peter J. Boettke</strong> is University Professor of Economics and Philosophy at George Mason University and the BB&T Professor for the Study of Capitalism at the Mercatus Center.</p> <p><strong>Frédéric Sautet</strong> is a visiting associate professor of economics at the Catholic University of America. Previously, he has taught at George Mason University, New York University, and the University of Paris Dauphine.</p>

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