Entrepreneurship

From Part V of Defending the Undefendable, “Financial.” Read by Jeff Riggenbach.

"Like all things designed to suit the taste of the masses, advertising is repellent to people of delicate feeling."

"A manager is a junior partner of the entrepreneur, as it were, no matter what the contractual and financial terms of his employment are."

"Since the name leftist had become identified with the struggle of the individual against the tyranny of government, the new tyrants continued to use that good name for their own purposes."

Freedom, or liberty, is the natural law that the Founders knew put us in the image of God.

Genuine market economies — meaning those that maximize the long-term benefits to consumers and producers — thrive when state power is minimized. With this in mind, abolishing the FAA and firing its bureaucrats who hinder the market order would constitute a step in the right direction.

Both books seek to explain the strange elitism of the Left and its opposition to capitalism for the masses. And they both discern that the answer lies in the way that the market is so slavishly devoted to serving the needs of the average person as opposed to society's philosopher kings.

In his own critical work, Hayek was not satisfied with a challenge to the main thesis of an opponent. He responded to every argument advanced in the adversary's work.

Right now, as the economy reshuffles, there are more opportunities to generate change than ever — the kind of dynamic change that we need to grow out of this slump.

In 1956, Mises showed how the supposed failures of the market economy were failures of the state and documented the traits of anticapitalism. In 2009, the facts have changed but the message remains the same.