Entrepreneurship

The economic policy dominant in the Europe of the 17th and 18th centuries assumed that intervention in economic affairs was a proper function of government.

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.

The timing is right for pursuing Austrian themes and further leveraging Austrian theory in entrepreneurship, and extending and elaborating on Austrian entrepreneurship theory.

For centuries, entrepreneurial talents in China were diverted to military wars, political struggles, and government services. But now things are changing.

Liberalism has many meanings, but I wish to maintain that the most authentic form of liberalism has been concerned above all with two things: the expansion of a free functioning civil society and the restriction of the activity of the state.

Presented at Mises University 2019.

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

Supply, demand, and prices affect human usage of natural resources in such a way that the most scarce and valued resources are economized and preserved. The practical effect is that valuable resources never really run out.

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

A business owner who cannot understand why a customer is not happy — or even very disappointed — with getting a full refund for a faulty product has failed to grasp some very fundamental economic concepts.