He received his PhD in economics in 1957 from Brooklyn College in New York, when he was studying under Ludwig von Mises. His major work is in the economics of entrepreneurship and ethics and economics. He is a professor at New York University.
Some of his major works include:
- "Entrepreneurial Discovery and The Competitive Market Process: An Austrian Approach," Journal of Economic Literature (March 1997)
- The Meaning of Market Process(Routledge 1992)
- Discovery, Capitalism and Distributive Justice(Basil Blackwell 1989)
- Competition and Entrepreneurship(Chicago 1973).