Rather than relying on the evenly rotating economy, this paper uses the imaginary construction of a specialization deadlock to define the entrepreneur-promoter, the pioneers of economic improvement, praxeologically.
The Austrian school of economics has been all but left by the wayside in economics (e.g., Backhouse 2000).
The autarkic economy—the economy of one—is not a mere analytic tool, but is a real and significant aspect of praxeology. The entrepreneurial function is prominent in the autarkic economy also.
Taking subjective value theory, the conception of economic goods, and the hierarchy of needs from Menger, this paper elaborates a model of strategic entrepreneurship.
Dr. Bylund and Jeff Deist discuss Covid and government responses against the backdrop of ripple effects, Say's law, "market failure," and the inability of bureaucrats to make rational tradeoffs.
During the boom phase of the business cycle, the economy shifts to a more risky position as the result of entrepreneurs’ profit targeting. The duration can be used to quantify this risk and to determine the discount rate for calculating the project's present value.
To succeed, entrepreneurs must demonstrate superior foresight and judgment, and practice continuous dynamic improvement in their assembly and reassembly of assets to serve the consumer.
To succeed, entrepreneurs must demonstrate superior foresight and judgment, and practice continuous dynamic improvement in their assembly and reassembly of assets to serve the consumer.
In a totalitarian system, competition means courting the favor of those in power. In the market system, competition means sellers try to outdo one another by offering better or cheaper goods and services to the buyers.
