In the last decades, more and more economists have advanced the idea that significant obstacles impeding economic growth (especially in less developed regions) consist in different market failures,
Much of what is contained within this book has more to do with developing a typology of various non-market institutions than explicitly developing theories of their more complex workings.
Mainstream growth theory focuses on the role of inputs and technology, but inputs and technology cannot produce growth without an environment that fosters entrepreneurship. I believe that the application of mainstream growth theory has often been harmful to economic growth because the mainstream theory ignores the market process.
Ludwig von Mises, Friedrich Hayek, and Murray Rothbard were the main architects of the distinctly Austrian theory of production as it exists today. All three conceived the entrepreneurial function
It is to some extent heartening to know that economists are once again concerned with entrepreneurship and its role in economic life.
Professor Spengler refers to Richard Cantillon as the first of the modems. Professor Tarascio presents him from a current perspective.
Peter Klein addresses the frequent criticism that private investors and entrepreneurs have too short of a time horizon.
Peter Klein discusses who should make the decisions to best allocate scarce resources and time.
