Entrepreneurship

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.

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.

Far from being a bucolic utopia, economic conditions were highly unsatisfactory on the eve of the Industrial Revolution. The traditional social system was not elastic enough to provide for the needs of a rapidly increasing population.