Entrepreneurship

For Hayek, "coercion" of course includes the aggressive use of physical violence, but the term unfortunately also includes peaceful and nonaggressive actions as well.

Trade is nothing but the release of what one has in abundance to obtain some other thing one wants.

A person cannot do right except in a situation where there is also the option of doing wrong.

It is striking to realize that dikes were not only built without the state, but also that the dike areas can be regarded as seceding territories, which came close to private-law societies.

Crusoe economics can aid greatly in solving such problems of political philosophy as the nature and role of liberty, property, and violence.

He is the man who wants alcoholic liquors for any honest purpose whatsoever, who would use his liberty without abusing it, who would occasion no public question, and trouble nobody at all.

The only permanent way to cure poverty is to increase the earning power and productivity of the poor.

China's central planning makes it remarkably inefficient.  China is the world’s largest installer of wind power. Yet with twice the wind capacity as the US, the Chinese still produce less power. 

Capital goods become available thanks to secure private property rights, and a class of people willing to save and invest. Without this, there can be no great progress in the standard of living. But, it all takes time. 

Presented at Mises University 2021.