always fail because they focus on building science parks and top-down clusters. Policy makers believe that by erecting fancy buildings and providing subsidies to select industries and venture capitalists, they can create innovation hubs. This is the wrong approach; what needs to be done instead is to
theories of production and exchange, firm strategy and organization, and public policy and administration. I also distinguish the judgment-based approach from the by contrast, the entrepreneur as a speculator, coordinator, allocator, and innovator was always what Mises (1949: 326) called the “driving force of the market.” of topics in entrepreneurship theory, the applications of entrepreneurship and innovation, public policy, and related topics in strategy, organization, and
services are valued. Government regulations, on the other hand, involve arbitrary “policy goals” and reflect only the preferences of certain interest groups and compile some government statistics, produce some studies, and then turn to “public policy“ to impose a one-size-fits-all solution on every one of the 320 million while creating bubbles and distorting markets. Markets are then cut off from innovations while peaceful and efficient entrepreneurs, managers, and ordinary people
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.