communication, social networks, and the like? Do they constitute new forms of competition, social interaction, community, and even a new kind of “democracy” the internet (and of networks more broadly), and the legal, regulatory, and public-policy implications of networks and information technology. Throughout, we will ask
theories of production and exchange, firm strategy and organization, and public policy and administration. I also distinguish the judgment-based approach from the Ph.D. program. My interests were idiosyncratic, to say the least. I read Kirzner’s Competition and Entrepreneurship (1973) as an undergraduate student and studied his
and high-tech and low-tech firms is best for economic growth; I prefer to let competition in free markets sort it out. NU: What drives entrepreneurs to build great particular areas or activities for an entrepreneurial boost have fallen flat. The policy environment should also allow the “freedom to fail” — no bailouts and
trade contingent on every possible future state of affairs. In textbook models of competitive general equilibrium, all contracts are assumed to be complete. The future is more easily kept in check (Williamson 1975). Finally, they can rely on competition within the firm for top-level management positions—what Fama (1980) calls constant. This suggests that merger activity is encouraged by specific industry or policy shocks, like deregulation, the emergence of junk-bond financing, and increased
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.