Entrepreneurship

This lecture by Bob Murphy was presented at the 2012 Mises University in Auburn, Alabama. 

This lecture by Gary North was presented at the 2012 Mises University in Auburn, Alabama.

The occasional eruptions of anti-war positions from conservatives and progressives are more a function of what political party controls the White House than of any principled ideological stance. Don't expect sustained opposition to war to come from either side.

Private property enabled all growth. Division of labor found employment for each man. Exchange is a win-win action. Risk taking tests ideas. Capital accumulation as production to make other things. The desire for a better life and the belief that it can happen.

Are we in a recovery? There has been no true recovery since 2008.  Private savings rate went down to zero during the boom. Traditional savings rate of Americans has been ten percent.

Growth requires private saving first, then investment and then production. It cannot be accomplished through sheer credit and credit expansion. Money is not wealth.

Austrians have a different point of view about economic growth. Growth requires four ingredients: domestic private investment, sound money, private property, and free markets.

The entrepreneur risks, in the present, investment in productions that he thinks will produce some good or service at a profit in the future.

2014’s new US Farm Bill eliminates many direct subsidies to farmers, while replacing them with subsidized insurance programs. This will lead to higher costs for taxpayers and distorted markets in the future.

In a free market, entrepreneurs profit by providing something of value that people will voluntarily purchase, writes Hans-Hermann Hoppe.