Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This theory, while concurring with many of the major policy implications of neo-classical economics, sharply dissents from much of the substance and methodology of neo-classicism. Emphasising the crucial role of ignorance, uncertainty, and the passage of time, Austrian economists criticize the 'tight equilibrium' approach of the mainstream. Yet the Austrians refuse to conclude that the major conclusions of economics are to be rejected. By introducing the role of the entrepreneur and of entrepreneurial discovery (an innovation in which the author's earlier work has played a central role), modern Austrian economists believe it possible to steer a middle course between those who believe the world to be at all times in full co-ordination, and those who believe it to lack any important co-ordinative properties altogether. The Meaning of Market Process offers new substantive insights in support of this Austrian position, and new historical interpretations of how the ideas of the modern Austrians emerged.