For 20 years, Israel Kirzner has been one of the foremost proponents of the modern Austrian economics in the United States. In his latest book he extends his analysis of the implications of the Austrian approach while comparing it to both neo-classical and radical subjectivist approaches. This theory, while concurring with many of the major policy implications of neo-classical economics, sharply dissents from much of the substance and methodology of neo-classicism. Emphasizing the crucial role of ignorance, uncertainty, and the passage of time, Austrian economists criticize the tight...