Competition and Entrepreneurship

The contents of this seminal work include:

• Preface

• 1. Market Process versus Market Equilibrium
  • The Market System and the Theory of the Market
  • The Task of Price Theory: Two Views
  • Competition and Entrepreneurship
  • The Market Process
  • Competition in the Market Process
  • Entrepreneurship in the Market Process
  • The Producer and the Market Process
  • Monopoly and the Market Process
  • The Entrepreneur as Monopolist
  • The Producer and His Choice of Product
  • Equilibrium Economics, Entrpreneurship, and Competition

• 2. The Entrepreneur
  • The Nature of Entrepreneurship
  • Decision-making and Economizing
  • The Entrepreneur in the Market
  • The Producer as Entrepreneur
  • Entrepreneurial Profits
  • Entrepreneurship, Ownership, and the Firm
  • Ownership, Entrepreneurship, and the Corporate Firm
  • A Hypothetical Example
  • The Corporate Firm Once Again
  • Entrepreneurship and Knowledge
  • Entrepreneurship and the Equilibrating Process
  • Entrepreneurship in the Literature
  • Misesian Entrepreneurship

• 3. Competition and Monopoly
  • Competition: A Situation or a Process?
  • Entrepreneurship and Competition
  • The Meaning of Monopoly
  • The Two Notions of Monopoly Compared
  • The Theory of Monopolistic Competition
  • Some Remarks on the Notion of the Industry
  • Schumpeter, Creative Destruction, and the Competitive Process
  • Entrepreneurship as a Route to a Monopoly Position

• 4. Selling Costs, Quality, and Competition
  • On the Product as an Economic Variable
  • Production Costs and Selling Costs
  • Selling Costs, Consumer Knowledge, and Entrepreneurial Alertness
  • Advertising, Consumer Knowledge, and the Economics of Information
  • Advertising, Information, and Persuasion
  • Advertising, Selling Effort, and Competition
  • Waste, Consumer Sovereignty, and Advertising
  • Buying Effort, Factor Quality, and Entrepreneurial Symmetry

• 5. The Long Run and the Short
  • The Long and the Short Run in the Literature
  • On Sunk Costs and the Short Run
  • Costs, Profits, and Decisions
  • Entrepreneurial Decisions, the Long Run and the Short
  • Some Additional Cases
  • Further Observations on Long-run Competition and Short-run Monopoly

• 6. Competition, Welfare, and Coordination
  • The Fundamental Flaw in Welfare Economics
  • Knowledge, Coordination, and Entrepreneurship
  • The Coordinating Process
  • The Role of Profits
  • Resource Misallocation, Transaction Costs, and Entrepreneurship
  • Nirvana, Transaction Costs, and Coordination
  • The "Wastes" of Competition
  • Long-run and Short-run Evaluations