[The Capitalist and the Entrepreneur (2010)]
While Schumpeter, Kirzner, Cantillon, Knight, and Mises are frequently cited in the contemporary entrepreneurship literature in economics and management, much of this literature takes, implicitly, an occupational or structural approach to entrepreneurship. Any relationship to the classic functional contributions is inspirational, not substantive.
In 2008, the Mises Institute printed a shirt with the words “Stabilization Is Chaos..” Yes, it’s pretty obscure but the point is that government attempts to stop market functioning in a downturn — deleveraging, bankruptcy, asset re-pricing, labor shifts — will eventually lead to more and more confusion and misallocation than we would otherwise have seen in a pure market setting.
The “price” or purchasing power of money is the array of goods and services for which a unit of money can be exchanged.
We do need to observe that vices and virtues have a strong bearing on the rise and decline of freedom.
Relations with Japan had been strained for some time. The Roosevelt administration was fully aware of Japan’s dependence on imports. Yet, as we have seen, it had terminated America’s long-standing commercial treaty with her. After January 1940 Japan had to ask permission on a case-by-case basis whenever she wanted to import from the United States. In July 1940 the administration had further prohibited exports to Japan by requiring her to get a license to purchase aircraft engines and strategic materials.
Rothbard modified the famous dictum of Marx: he wished both to understand and change the world. He endeavored to apply the ideas he had developed in his theoretical work to current politics and to bring libertarian views to the attention of the general public. One issue for him stood foremost. Like Randolph Bourne, he maintained that “war is the health of the state”; he accordingly opposed an aggressive foreign policy.
When Julie Veilleux discovered she was American, she went to the nearest US embassy to renounce her citizenship. Having lived in Canada since she was a young child, the 48-year-old had no idea she carried the burden of dual citizenship. But the renunciation will not clear away the past ten years of penalties with the Internal Revenue Service (IRS).1
