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Quotation of the Day…

… is from page 75 of Israel Kirzner’s excellent 1997 monograph, How Markets Work: Disequilibrium, Entrepreneurship and Discovery; it is the final paragraph of this monograph:

But we live in an open-ended world, in which as yet unseen opportunities always exist for improving human well-being through the discovery of new resources or of new ways of deploying resources productively.  So the creative character of the actions taken alertly to notice and to grasp the opportunities should be recognized.  An enormous volume of pure entrepreneurial activity takes place in capitalist society; a theory of economic justice must be grounded in an analytical framework which can accommodate such activity, not in a framework built upon the premise that no scope whatever exists for such activity.  The theory of entrepreneurial discovery drastically alters conventional conclusions regarding capitalist distributive justice.