The Call of the Entrepreneur

The Acton Institute has put together a very effective hour-long feature called The Call of the Entrepreneur, which has been premiering in theaters across the country over the past several months. We had the pleasure of premiering it in our own home not long ago, and it is quite excellent. For once, the moral dimension of entrepreneurial activity is brought to the fore and celebrated. For once the heroes are creators, not political hacks.

A Market for Criminal Skills

We’ve all suspected that the market economy has a civilizing effect on people, but I’ve rarely seen such a poignant example.

Here I was returning a rental car to the dealer, and some confusion set in about the keys. The attendant asked for them back, and I handed them over even as I was pulling bags and things out of the car. The attendant hopped in the driver’s seat to check the mileage, and left the keys in the car. He shut the door, I shut another, even as one more bag remained insider. But there was a hitch: the car was now locked.  

The Myth of the Platform Company

Are we in a brave new world in which countries with developed financial markets produce nothing, have no physical capital, run permanent trade deficits, and pay for it all with perpetually over-valued financial assets? Yes indeed, according to Charles Gave, Louis Gave, and Anatole Kaletsky, as told in their book Our Brave New World. Austrian economics gives us reason to doubt their case, writes Robert Blumen. Permanent economic profits cannot be realized by a model. It takes superior entrepreneurial judgment to apply the right model at the right time.