ABSTRACT
The PTPT is notable for its obscurity (from the viewpoint of modern rival theories)2 and for its resilience. Interest in it has recently resurfaced as part of the development of Böhm-Bawerkian capital theory (see Faber 1979 and Pellengahr 1986a, 1986b, and 1996) and has been periodically revisited in the process of the development of Austrian market process theory (Yeager 1979; Garrison 1979a, 1979b and 1988), and most recently by Kirzner (1993). Murray Rothbard is well known for his defense of the PTPT (see for example Garrison 1988) derived from Mises. We begin here with a brief restatement.
