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The Austrian Free Enterprise Ethic: A Mengerian Comment on Kirzner (2019)

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  • Per L. Bylund

    (Oklahoma State University)

Abstract

Kirzner (2019) develops an Austrian perspective to critique Friedman’s universal ethic for profit, specifically for not including a rationale for entrepreneurial discovery of pure profit. In this article, I assess Kirzner’s argument, drawing from the theory originally developed by Carl Menger in his groundbreaking Principles of Economics. I specifically contrast Kirzner’s perspective with Menger’s theory regarding the concept of economic good, which offers insights into how and by whom goods are valued and the implications for the Austrian theory of entrepreneurship and production. Following my assessment and critique, I leverage Menger’s economic theory to draft a uniquely Austrian ethic for the free enterprise system. JEL codes: B53, L26, P1.

Suggested Citation

  • Per L. Bylund, 2021. "The Austrian Free Enterprise Ethic: A Mengerian Comment on Kirzner (2019)," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(4), pages 495-501, December.
    • Handle: RePEc:kap:revaec:v:34:y:2021:i:4:d:10.1007_s11138-019-00496-3
    DOI: 10.1007/s11138-019-00496-3
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    References listed on IDEAS

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    1. Israel M. Kirzner, 2019. "The ethics of pure entrepreneurship: An Austrian economics perspective," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(2), pages 89-99, June.
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    More about this item

    Keywords

    Entrepreneurship; Ethics; Free enterprise system; Carl Menger;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies

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