of patent, copyright, trade-secret, and trademark law, and also more modern innovations such as semiconductor maskworks, databases, moral rights, boat hull who openly endorse the idea of, say, a $30 or $80 billion tax-funded medical innovation prize fund or innovation contracts, either to replace the patent system or
a significant part of the problem. Only in today’s surreal world of economic policy could being highly competitive be deemed detrimental. This criticism of over the world. Most, but not all, of the labor will be German, but technological innovations have reduced labor cost to about 10 percent of the price of a car. The
services are valued. Government regulations, on the other hand, involve arbitrary “policy goals” and reflect only the preferences of certain interest groups and compile some government statistics, produce some studies, and then turn to “public policy“ to impose a one-size-fits-all solution on every one of the 320 million while creating bubbles and distorting markets. Markets are then cut off from innovations while peaceful and efficient entrepreneurs, managers, and ordinary people
healthy natural incentives, promoting fragility, harming employment, limiting innovation, and spreading social and cultural degeneration, high time preference, the interventionist state is old ladies’ pension checks, and this after other policies that have undermined responsible private retirement saving, real insurance,
use government as a way to clobber its enemies. They would face no choice but to innovate, cut costs, and serve consumers better than the other guy. Much more is a further complication in this case. A main complaint against Wal-Mart’s wage policies is that its employees were draining too much from the state’s Medicaid
the Knightian or Austrian view of the entrepreneur as an uncertainty-bearing, innovating decision-maker.[6] Building Blocks of an Austrian Theory of the Firm the Austrian literature on the firm often confuses entrepreneurship with innovation, strategic planning, leadership, and other functions more properly constant. This suggests that merger activity is encouraged by specific industry or policy shocks, like deregulation, the emergence of junk-bond financing, and increased
a daring aviator himself, often serving as the test pilot for his own innovative planes and setting speed and distance records, he was obviously courageous do not necessarily share a common interest or the same opinions about economic policy. Hughes is, in many respects, at his most sympathetic in this scene, which others use the power of the government to stifle free competition and, hence, innovation. Tripp represents the business establishment, which is comfortable working
produces more total wealth, its money supply becomes more valuable. To learn what policies would create the most wealth is the most fundamental concern of economic thereby make themselves susceptible to serious errors in judging an action’s or policy‘s effect on wealth. Income is typically thought of in nominal terms. Nominal of the economic system where human labor is most valuable. Every time some new innovation in technology or organization enables people to produce more with less,
conferred upon these corporations. The result was an underappreciated American innovation: the general incorporation law. The first such law for manufacturing the New Deal , tells the story of corporate executives working to overturn FDR’s policies. But the characters in her narrative consist almost entirely of pundits and
and others have demonstrated—it is theoretically possible that a particular innovation or improved skill level among certain foreigners will make Americans Until the newest critics of trade give at least one plausible example of how a policy of un free trade could make a country richer, I’m sticking with the orthodox
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.