Map of Carrier Mills on Austrian economists are concerned with processes in real time. Equilibrium is a useful idea as a benchmark, but not as a description of real world competition. Especially unacceptable is the assumption of perfect knowledge. As Friedrich von HAYEK (1945) was to make clear, knowledge is costly, and depends on place and time. To assume prefect knowledge is negate any notion of competition in real time. The Schumpeterian (Joseph SCHUMPETER) concept of competition, while associated with the AUSTRIAN SCHOOL, gives center stage to the entrepreneur as a disequilibrating cause in economic development. The entrepreneur is a driving force in competition, at least at the industry level. Map of Carrier Mills 2016.
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