ABSTRACT
The crucial role played by the notion of dynamic competition in Austrian economics is by now well known. It is widely appreciated that perhaps the critical respect in which the modern Austrian paradigm differs from the mainstream approach consists in the Austrian rejection of the centrality in the latter of the perfectly competitive model, and its replacement by the idea of the entrepreneurial-competitive market process. In this process the essential element is the steadily expanding field of mutual awareness on the part of potential market participants. Whereas the perfectly competitive model expresses the equilibrium pattern of decisions expressing already attained, complete mutual knowledge, the competitive market process expresses the course of mutual discovery through which an equilibrium may possibly be approached.1
