The rich make new resource-intensive products economically feasible. Those wealthy early-adopters of new products act as mannequins on which new products are draped, increasing demand as producers attempt to bring those products to the mass market.
Call for Papers for a special issue on "Business Management and Austrian Economics" in the journal BFuP - Betriebswirtschaftliche Forschung und Praxis.
"The Mises fellowship has been the single most important influence in my development as a scholar," writes Matt McCaffrey in his discussion on being an Austrian economist in academia today. "No other program could have given me the resources I needed to start my career."
Dan Sanchez examines Irwin Schiff's timeless comic book on how savings, innovation, and risk are the building blocks of productivity, progress, and wealth.
The occasional eruptions of anti-war positions from conservatives and progressives are more a function of what political party controls the White House than of any principled ideological stance. Don't expect sustained opposition to war to come from either side.
The capitalist entrepreneur acts with a specific goal in mind: to attain a monetary profit.
Entrepreneurship is the driving force of a market economy, and that entrepreneurs need property rights, the rule of law, sound money, and free and open competition to be successful.
This paper summarizes and compares the theories of entrepreneurship of Joseph A. Schumpter and Israel M. Kirzner as presented in their major scholarly contributions to economic analysis.
Richard Cantillon is credited with the discovery of economic theory and was the first to fully consider the critical role of entrepreneurship in the economy.
