This Presentation is on the paper, "The Market as a Creative Process" by James M. Buchanan and Viktor J. Vanberg, and was delivered at the Universidad de Rey Juan Carlos in Madrid, Spain, to the Master's program in economics of the Austrian School.

0:00 Intro 

0:28 Start 

2:54 Allocative Process 

4:45 The New Evolutionary Process/ Radical Subjectivism 

5:36 The Neoclassical School of Economics 

8:23 The Issue with Kirzner: "Discovery of Error" 

11:09 Non-determinism