Entrepreneurship

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. 

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. 

In any society, there are winners. But how do they win? Successful entrepreneurs innovate, take risks, and satisfy consumer needs in a competitive marketplace.

The greatest innovations don’t emerge from a checklist; they arise from an obsession with understanding something that others overlook.

Tariffs block the entrepreneurial discovery process that is essential for progress. Tariffs and protectionist policies are damaging in all respects.