Summarize Israel Kirzner ’s understanding of the market process, with a particular focus on why he argues that : “

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Summarize Israel Kirzner ’s understanding of the market process, with a particular focus on why he argues that : “...for market processes to work, the essential requirement is freedom for competitive entrepreneurial entry...” Make sure you r discussion explains the mutually - reinforcing interrelationship of the items in the list below. [About three pages, double - spaced ] • Alertness • Discovery • Surprise • Profit and loss 2. In his article, “The Rationale of the Market Economy,” John Kay states: “A one sentence description of why some countries are poor and others rich is that the politics and economics of poor countries are dom inated by rent -seeking and the politics and economics of rich countries are not.” [ It is useful to keep in mind here our postulate that economic systems are fractal, implying that similar explanations may apply to differences in the economic performance among businesses.] Write an essay that

(1) explains the meaning of rent -seeking and

(2) use Kirzner’s framework (“The Meaning of Market Process”) combined with Kay’s arguments to explain the economic mechanics behind why Kay’s quote has analytical merit . Use quotations from the readings to support your argument. About three pages, double -spaced . Focus on the cause - and -effect analysis. Why, why, why?