Reflections on Ethics, Freedom, Welfare Economics, Policy, and the Legacy of Austrian Economics collects Kirzner's essays on social thought. At heart, his work is not prescriptive but analytical. He does not cast unsubstantiated judgments on modern economics or spout a blind return to laissez-faire; instead, he starts with examining how markets function, working from the ground up. In the words of the volume editors, "Kirzner contends that in order to make ethical judgments about a social system, one must first understand the science behind it."

From the impact of governmental regulation on the entrepreneurial discovery process to the role of institutions in sustaining prosperity, Kirzner's work shows that the free market is a necessary element in maintaining social harmony and bringing stability to our constantly changing world.