Over a scholarly career that has spanned a half a century, Kirzner has enriched our understanding of the theory of the competitive process, the role of the entrepreneur in bringing about market coordination and innovation, the nature of capital and interest, the dangers resulting from the regulated economy, and the importance of individual freedom for the open-ended creativity that enhances the general human condition.
A new book by French economist Thomas Piketty on “Capital in the Twenty-First Century” has recently caused a major stir on the opinion pages of newspapers and magazines. Piketty has resurrected from the ash heap of history Karl Marx’s claim that capitalism inescapably leads to a worsening unequal distribution of wealth with dangerous consequences for human society.
The president of the United States has publicly declared that he knows the minimum wage any worker in the United States should earn as an hourly salary: $10.10. Why not $11.11 or $9.99 has been left a mystery. But what the president is sure of is that businessmen clearly are stonehearted money grabbers exploiting some of their workers by not paying them the real value of what their labor is worth.
Forgotten or at least certainly downplayed in the international remembrance of Mandela’s nearly three decades of imprisonment and his historical role in becoming the first black president of post-Apartheid South Africa is the fact that through most of the years of his active resistance leading up to his arrest and incarceration he accepted the Marxist interpretation that racism and racial discrimination were part and parcel of the capitalist system.