The Entrepreneur

Prof. Bylund discusses his native Sweden, and why we can't understand economics without understanding the entrepreneur, and how the entrepreneur is absolutely central and essential to a growing economy.

When entrepreneurs create profit, we know they are using resources in a way that benefit others. When entrepreneurs causes losses, they are destroying wealth.

Entrepreneurs try to find gaps in the marketplace where consumers are not quite satisfied with the status quo. Successful entrepreneurs then fill in those gaps.

In The Free Market and Its Enemies, Mises wrote, “Even though you know everything about the past, you know nothing about the future.” This explains that the timeframe and economic constraints at work are vital to the expression of entrepreneurial talents.

Anti-capitalist promoters of "climate justice" ignore all of the evidence of capitalism’s benefits staring us in the face.

Entrepreneurial action provides the fuel for the constant mining of consumer value. If entrepreneurs cease acting in this way, consumers will cease to see innovation and growing value in the marketplace.

Population growth and specialization are not enough to make economies grow. The key ingredient is entrepreneurship.

It is highly unlikely that Woke Big Business on its own can turn the US into a totalitarian society. Historically speaking, business policies have followed the lead of governments, not the other way around. The state remains the real threat.

For centuries, entrepreneurial talents in China were diverted to military wars, political struggles, and government services. But now things are changing.

One of the most instructive of all examples from maritime history is that of privateering, that is, the employment of profit-seeking, private armed ships during wartime.