Abstract
In Austrian economics, the concept of “profit” has a fairly well-understood importance (based, in the main, on its incentive function and its link to the price system, calculation, and knowledge discovery through entrepreneurship). I have written in depth about the importance of profit to markets both at the macroeconomic and microeconomic level, for prices and calculation, and for dynamic competition, and in no way dispute Kirzner’s arguments on this point.
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Nell, G.L. (2017). Some Ethical Insights on the Nature of Profits. In: The Driving Force of the Collective. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-46839-0_6
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DOI: https://doi.org/10.1057/978-1-137-46839-0_6
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