Progressives believe that economies should be run by high-IQ "experts." But successful market economies require entrepreneurs with an idea and the willingness to face uncertain economic conditions.
When we speak of entrepreneurship, we need to specify if it is economic or political. The first expands wealth and freedom; the second makes us poorer and less free.
While the standard secular narrative is that Christianity held back science and human development, history tells a different story, one of literacy and the development of human capital.
Free consumers and business owners always seek to cooperate in the marketplace. After all, "suppose there were no coming together, each individual dependent solely on his or her own thoughts and productivity…. All would starve!"
A capitalist never chooses that investment in which, according to his understanding of the future, the danger of losing his input is smallest. He chooses that investment in which he expects to make the highest possible profits.
The driving force behind the stakeholder capitalism philosophy is precisely that it creates opportunities for political actors to assert disproportionate control over the economy’s resources.
Centrally planned economies often stick with terrible ideas for many years. But markets can take bad products, learn from them, and turn them into great products that give the public what it wants and needs.
