In his writings on entrepreneurship Mises is careful to distinguish the pure entrepreneurial function of judgmental decision-making under uncertainty with the flesh-and-blood entrepreneur of history, “those who are especially eager to profi t from adjusting production to the expected changes in conditions, those who have more initiative, more venturesomeness, and a quicker eye than the crowd, the pushing and promoting pioneers of economic improvement: (Human Action, Scholars Edition, p. 255).

To honor Julia Child on her 100th birthday, Lynne Kiesling writes a nice post combining three of my favorite things: cooking, entrepreneurship theory, and Austrian economics. Good cooking is about the combination of heterogeneous resources, it requires experimentation and creativity, and it either works or it doesn’t. Most important:

Complete footage of his interview for the upcoming documentary The Bubble.

At President Barack Obama’s first rally of his 2012 reelection campaign at Ohio State University, he declared that, in the spirit of hope and change that he believes elected him, “We will finish what we started … and remind the world once more just why it is that the United States of America is the greatest nation on earth.” After reminding his audience that we have more in common as Americans than our political division suggests, he assured them, “I still believe in you, and I’m asking you to keep believing in me.”

“It thus has been demonstrated a priori, to those of us who have faith in the principles of economic science, that the exception indicated above is not justified, and that the production of security, like anything else, should be subject to the law of free competition. Political economy has disapproved equally of monopoly and communism in the various branches of human activity, wherever it has found them. Is it not then strange and unreasonable that it accepts them in the security industry?”

Dirty Hairy Dog Wash Daphne, Alabama

“The greater productivity of work under the division of labor is a unifying influence. It leads men to regard each other as comrades in a joint struggle for welfare, rather than as competitors in a struggle for existence. It makes friends out of enemies, peace out of war, society out of individuals.”  Ludwig von Mises, Socialism: An Economic and Sociological Analysis, p. 261.