Market Theory and the Price System
E303279
"Market Theory and the Price System" is an economics book by Israel Kirzner that presents a clear, Austrian-school analysis of how market prices coordinate decentralized decision-making in a competitive economy.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Market Theory and the Price System canonical | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T2847982 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: Market Theory and the Price System Context triple: [Israel Kirzner, notableWork, Market Theory and the Price System]
-
A.
Walrasian market-clearing framework
The Walrasian market-clearing framework is a general equilibrium model in which perfectly competitive markets continuously adjust prices so that supply equals demand in all markets simultaneously.
-
B.
On the Theory of Economic Policy
On the Theory of Economic Policy is a foundational work in economics by Jan Tinbergen that systematically analyzes how governments can design and coordinate economic policies using formal models and quantitative methods.
-
C.
History of Economic Analysis
History of Economic Analysis is a comprehensive, posthumously published survey of the development of economic thought, written by economist Joseph Schumpeter.
-
D.
The Theory and Measurement of Demand
The Theory and Measurement of Demand is a foundational economics book by Henry Schultz that rigorously develops statistical and mathematical methods for estimating consumer demand.
-
E.
Three Essays on the State of Economic Science
Three Essays on the State of Economic Science is a seminal collection of essays by economist Tjalling C. Koopmans that helped shape modern econometric and economic theory through its rigorous analysis of scientific methodology in economics.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: Market Theory and the Price System Target entity description: "Market Theory and the Price System" is an economics book by Israel Kirzner that presents a clear, Austrian-school analysis of how market prices coordinate decentralized decision-making in a competitive economy.
-
A.
Walrasian market-clearing framework
The Walrasian market-clearing framework is a general equilibrium model in which perfectly competitive markets continuously adjust prices so that supply equals demand in all markets simultaneously.
-
B.
On the Theory of Economic Policy
On the Theory of Economic Policy is a foundational work in economics by Jan Tinbergen that systematically analyzes how governments can design and coordinate economic policies using formal models and quantitative methods.
-
C.
History of Economic Analysis
History of Economic Analysis is a comprehensive, posthumously published survey of the development of economic thought, written by economist Joseph Schumpeter.
-
D.
The Theory and Measurement of Demand
The Theory and Measurement of Demand is a foundational economics book by Henry Schultz that rigorously develops statistical and mathematical methods for estimating consumer demand.
-
E.
Three Essays on the State of Economic Science
Three Essays on the State of Economic Science is a seminal collection of essays by economist Tjalling C. Koopmans that helped shape modern econometric and economic theory through its rigorous analysis of scientific methodology in economics.
- F. None of above. chosen
Statements (41)
| Predicate | Object |
|---|---|
| instanceOf |
book
ⓘ
economics book ⓘ |
| academicDiscipline | Austrian economics ⓘ |
| associatedWith |
Austrian School
ⓘ
linked to:
Austrian School of economics
market process theory ⓘ price mechanism ⓘ |
| author | Israel Kirzner ⓘ |
| contributesTo |
microeconomic theory
ⓘ
theory of market coordination ⓘ |
| emphasizes |
entrepreneurial discovery
ⓘ
importance of relative prices ⓘ process of market adjustment ⓘ |
| explains |
how markets handle dispersed knowledge
ⓘ
how prices transmit information ⓘ role of competition in discovery ⓘ |
| field | economics ⓘ |
| focusesOn |
how market prices coordinate individual plans
ⓘ
market coordination under dispersed knowledge ⓘ role of prices in resource allocation ⓘ |
| genre | non-fiction ⓘ |
| hasKeyConcept |
decentralized decision-making in markets
ⓘ
entrepreneurial alertness ⓘ market process as dynamic ⓘ price as a coordinating signal ⓘ relative prices guiding resource allocation ⓘ |
| hasPerspective |
methodological individualism
ⓘ
subjectivist value theory ⓘ |
| intendedAudience |
scholars of Austrian economics
ⓘ
students of economics ⓘ |
| language | English ⓘ |
| relatedTo |
Austrian market process tradition
ⓘ
The Use of Knowledge in Society ⓘ |
| subject |
Austrian price theory
ⓘ
competitive markets ⓘ decentralized decision-making ⓘ entrepreneurship ⓘ market coordination ⓘ market process ⓘ price signals ⓘ price system ⓘ |
| theoreticalApproach | Austrian School of economics ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: Market Theory and the Price System Description of subject: "Market Theory and the Price System" is an economics book by Israel Kirzner that presents a clear, Austrian-school analysis of how market prices coordinate decentralized decision-making in a competitive economy.
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.