Entrepreneurship

In The Free Market and Its Enemies, Mises wrote, “Even though you know everything about the past, you know nothing about the future.” This explains that the timeframe and economic constraints at work are vital to the expression of entrepreneurial talents.

Efficiency is backward-looking and static, while value creation is future-oriented and aspirational. 

There is a field where Austrians are being heard and where Austrian theory is tremendously influential, and that field is dynamic entrepreneurial capitalism.

Natural constraints on firm size are numerous, and in a truly free market, large firms would be constantly prone to being broken up and put out of business by competition. And all to often, huge firms become more long-lived due to government intervention.