Israel Kirzner's outstanding book on price theory is back in print. It is been very difficult to obtain it for decades, even though it is surely the best textbook on Austrian price theory ever written. The prose is crystal clear and the organization exceptional. He takes the reader through the foundations of individual action, exchange, utility, demand and supply, production, and the market process itself. Had it been in print, it would have schooled generations in Austrian price theory, and it is surely useful in the classroom today, or for general reading. Not a collection of essays, it is an integrated presentation from top to bottom, written early in Kirzner's post-doctoral career.

This book establishes that there is a fault or inconsistency in the orthodox classical price system. This suppresses in the system the general economic logic that should characterize all price systems. This mars the orthodox classical system in various ways, for example, by bringing an incorrect form of Say's Law into the system that restricts it to long-run states. However, the inconsistency in the orthodox classical system is resolved in the book through a revised classical system. This gives the latter system a more general character than the orthodox form of the system. This is reflected, for example, in the revised classical system being rid of the incorrect form of Say's Law that restricts the orthodox classical system to long-run states.

The organization of an economic system; Demand, supply, and market price under pure competition; Individual consumer demand: the utility approach; individual consumer demand: the indifference curve approach; Market classifications and the demand curve faced by the firm; The principles of production; Costs of production; Pricing and output under pure competition; Pricing and output under pure monopoly; Pricing and output under oligopoly; Pricing and output under monopolistic competition; Pricing and employment of resources: pure competition; Pricing and employment of resources: monopoly and monopsony; Resource allocation; Product distribution; Equilibrium; Linear programming.