The latest video in our bid to find some perfect viewing for this holiday season.
Israel Kirzner explains what makes Austrian economics different from conventional economics, via the mechanism of the entrepreneur, and how the entrepreneur adjusts society through the use of imperfect knowledge, over-optimism, and over-pessimism, to help society constantly head towards a maximally-beneficial though ever-changing equilibrium, through the absolutely necessary tools of economic freedom and free-entry competition, without government-granted privilege.
He does all of this without resorting to the ridiculous homo economicus you find in most economics text books, who has perfect knowledge, who is perfectly selfish, and who is perfectly rational (in other words, an immortal robot or some other kind of centrally-planned automaton dreamt up by central planning drones to fulfil their impossible new world order ambition of interventive greatness).
Or, in even less words, it’s a great lecture.
You’d be perfectly irrational to miss it! 🙂