Entrepreneurship

The concept of economic calculation is vitally important to understanding our modern economy, yet few people— and especially economists—comprehend that it even exists. 

The iconic Hermès Birkin bag helps illustrate Carl Menger’s “Theory of the Good,” and Ludwig von Mises’s explanation of human action.

Sponsored by Yousif Almoayyed.

The idea that “if it can fail, it should” probably seems oxymoronic to most people when applied to the economic realm.

The concept of economic calculation is vitally important to understanding our modern economy, yet few people— and especially economists—comprehend that it even exists. 

It should be clear from the articles in this book that the Austrian School is thriving. Per Bylund has rendered a great service in bringing the scholarship in A Modern Guide to Austrian Economics to our attention.

Austrian economics in practice.

The entrepreneur is the driving force of the whole market system.

Without entrepreneurs, there is no market economy.

Although mainstream economists hold that Adam Smith is the father of modern economics, it was Richard Cantillon that recognized the centrality of entrepreneurship in economic development.