The term Austrian will include people like Shumpeter and Morgenstern. Competition is seen as a state of affairs of perfect knowledge and equilibrium by mainstream economists. This fails to provide explanations as to how those market prices have been achieved.

The Austrian Approach to Competition

These four lectures were delivered to the Department of Economics at the University of Colorado in the 1970s, and feature Friedrich Hayek, Israel Kirzner and Ludwig Lachmann. Special thanks to Mr. Fred Glahe for his generous donation of these recordings to the Mises Institute.Download the complete audio of this event (ZIP) here.

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The Austrian Approach to Competition

The Austrian Approach to Competition

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