David Gordon reviews Shawn Ritenour's The Economics of Prosperity. The book shows how economic growth stems from entrepreneurship, the division of labor, and investments in capital and technology. These factors, Ritenour argues, are the key to prosperity in underdeveloped countries.
Keynesian economists claim government budget surpluses are national savings, but real savings drive capital development. A surplus just means more revenue to the government, not the private economy.
Jesús Huerta de Soto has published a series of lectures on Austrian Economics, and Dr. David Gordon in Friday Philosophy reviews his Lectures in Austrian Economics, Volume 1. Dr. Gordon is especially interested in how de Soto deals with time.
Jesús Huerta de Soto has published a series of lectures on Austrian Economics, and Dr. David Gordon in Friday Philosophy reviews his Lectures in Austrian Economics, Volume 1. Dr. Gordon is especially interested in how de Soto deals with time.
Innovations aren‘t very useful unless they serve consumers in the marketplace. Otherwise, we‘re pursuing innovation for its own sake, and that isn‘t progress.
This summer, Hollywood is celebrating the 50th anniversary of its summer blockbuster “Jaws.” The making of such films provides a good analysis of how entrepreneurs operate in a world of uncertainty. Austrian economists are best able to understand how this process works.
Creating a hit movie series, television show, or video game is a phenomenon that not only strikes without warning, but can also strike in unexpected places—or fail to strike where it is intended. Austrian economics provides some key insights.
Mainstream economics is deterministic, holding that economic actors continue to move in one directions, not responding to changes in economic circumstances or incentives. The Austrians understand economics is about people engaged in purposeful action.
Mainstream economics is deterministic, holding that economic actors continue to move in one direction, not responding to changes in economic circumstances or incentives. The Austrians understand economics is about people engaged in purposeful action.
College professors have suddenly discovered entrepreneurship and are teaching about it in their classes. However, while it is an interesting subject, one cannot teach someone how to be a successful entrepreneur.
