Essays on Capital and Interest: An Austrian Perspective.

The article focuses on the book "Essay on Capital and Interest: An Austrian Perspective," by Israel M. Kirzner. The book contains an introduction which places the previously published papers in the context of more widely known 20th century developments in the area of capital and interest. It is contended that whilst traditional neoclassical theory is effectively hit by the Cambridge, Great Britain capital criticism, the subjectivist Austrian approach is not. It is maintained that the latter is consistent and represents an alternative to both the classical approachand the mainstream neoclassical approach.