Mises, Kirzner, and Knight on Uncertainty and Entrepreneurship: a Synthesis Mises and Kirzner on Uncertainty and Entrepreneurship

Introduction In working out the basic logic of choice in his Principles of Economics, Carl Menger uses carefully described examples of the situations his agents face. Whether it is Robinson Crusoe, a small mountain community, or a ship lost at sea, the context in which decisions take place is always precisely circumscribed. The reason for this exactitude is simple: to choose is to elect over a range of given options. By meticulous attention to detail, Menger is able to draw our attention past the particulars of the situation to the underlying universal logic of choice. Because he does not overreach, attempting to use the logic of choice across contexts, Menger's exposition is universally valid.