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Quotation of the Day…

Posted By Don Boudreaux On December 17, 2012 @ 7:47 am In Growth,Prices,Reality Is Not Optional | Comments Disabled

… is from page 230 of Israel Kirzner’s important 1973 book, Competition and Entrepreneurship [1]:

A market relies on the incentive of profit to set in motion the entrepreneurial process.  It is solely because of the desire to obtain profit that we can, in any degree, “rely” on entrepreneurial discovery of where those profits are to be had.  Under government direction, it is not at all clear what substitutes for the profit incentive are available, in the absence of omniscience – not merely to spur the exploitation of socially desirable opportunities, but to direct attention to their very existence.

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[1] Competition and Entrepreneurship: http://www.amazon.com/Competition-Entrepreneurship-Israel-M-Kirzner/dp/0226437760/ref=la_B001HCVPKO_1_1?ie=UTF8&qid=1355748357&sr=1-1

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