Quotes from Essays on Capital and Interest

By Israel Kirzner (1996)

• The ability to define usefully the terms used in theoretical economic discussion turns out invariably to call for the very same insight into economic processes that is required for the enunciation of theoretical propositions themselves.#
  EconomicsMethodology
• Capital reversal erodes the notion of a demand curve for capital and thus the view of interest as a “true scarcity price”.#
  CapitalEconomics
• In exactly the same way as Austrian value theory had no place for “cost of production” as an independent explanatory element in the causation of economic value, a Mengerian capital and interest theory could have no place for the productivity of capital as an independent explanatory element in accounting for the structure of prices.#
  CapitalEconomics