is widely seen as the key to development. But this does not explain how a single innovative machine multiplies itself. An alternative tack: Menger’s analysis of impeding recovery of investment because of the current high level of uncertainty; policy uncertainty , economic uncertainty, but most important regime uncertainty (
recover to a strong level of business activity unless something happens to boost innovation. The great question is how best to get innovators humming again through with a greater understanding of ABCT and its greater acceptance by businessmen and policy makers, we could look forward to greater prosperity without the ups and downs
a severe drought, and the local government has instituted water-rationing policies. Each household is permitted to use only a certain low amount of water each of Arlen, randomly checking meters and cracking down on those who defy the policy. Rationing is a very typical measure imposed by central planners ignorant of would be awarded with the highest profits. This profit motive would make new innovations in water distribution much more likely. One entrepreneur might buy the
Let us further imagine that not everyone in the 15th century is happy about this innovation. Unable to match the benefits of the printing press, the producers of “Sires,” they cry, “you must stop the predatory pricing and scorched-earth policies of the Gutenberg press. It’s wiping out the competition. How can this be in
D. Solomon: The Privatization of Space Exploration: Business, Technology, Law, and Policy . New Brunswick, NJ: Transaction Publishers, 2008, ISBN: 978-1-4128-0759-3, exploration and technological development. Solomon seems to favor prize-motivated innovation, and mentions some of the history of privately funded prizes. NASA’s
These sorts of institutional arrangements are part of a dynamic, entrepreneurial, innovative market economy, not impediments to it. The complaint that real rigidities endogenously through the actions of profit-seeking entrepreneurs and don’t justify policy intervention to offset the effects of monetary shocks, such as a change in the
Daily published my written testimony before the Subcommittee on Domestic Monetary Policy and Technology of the Committee on Financial Services, US House of and understanding was impressive and he commented on how the delivery was innovative and effective, especially relative to traditional delivery in higher
enough in the past for that wrongness to get missed. But consider a more recent innovation: money market funds. Such funds are just a particular type of mutual fund Prosperity (1994), “there are two different kinds of economists professors and policy entrepreneurs,” and they are “radically distinct species.” The “professors”
Static vs. Dynamic Efficiency in Antitrust Analysis” ( Contemporary Economic Policy 3: 21–34). Writes High: Judge Robert Bork holds two opposing attitudes towards earn exorbitant rates of return. They’ve shown what big business has really done: innovated and kept prices low. They’ve shown that mergers make economic sense. Where
Ever heard of social imperialism? That’s an old name for the aggressive foreign policy of governments wishing to deflect attention from the fact that they are unable Process, initiated twelve years ago, which aimed at turning the EU into the most innovative region of the world economy?
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.