In 83 years, all but 20 of Time’s Persons of the Year have been political, military, or international leaders. But the world is changing, and people like Zuckerberg are creating that change. While politicians stand in the way of progress, entrepreneurs like Zuckerberg make it.
[The Independent Review, (1998)]
Economists have been grousing a good deal lately about the deteriorating quality of basic economic statistics — official data on prices, incomes, employment, productivity, and poverty, among other things — and about the lack of government funding to remedy the problem. On its face, the complaint seems reasonable and practical.
Intellectual property is inherently disruptive to the market mechanism, as the latter is understood by Austrian economics, and is thus prejudicial to human welfare. To understand why, one must first understand the social function of entrepreneurship in the market economy. Entrepreneurs arrange and deploy the factors of production in order to better satisfy consumers in the future than they otherwise would be. To spare words, let us term an entrepreneur’s way of arranging and deploying factor’s of production his “entrepreneurial recipe or plan”.
The Salt Lake Tribune reports that Utah Rep. John Dougall at the urging of a constituent has committed to opening a bill file for legislation that would require the state of Utah to accept payments for licenses and whatnot in gold. Utah residents would even be able to mint gold and silver coins under the legislation.
