The Entrepreneur

Rifkin misses the mark because he ignores Menger’s theory of value and the role of the entrepreneur.

The Murray N. Rothbard Memorial Lecture, sponsored by Hélio Beltrão.

Fixing things ourselves is often a costly process because the act of repairing something is often a recreation of the manufacturing process. Getting a machine back to working, you tread the same steps that were done at the factory. The problem is, the manufacturer will always be better at putting together machines.

A good story, told through a novel, play, or film is more likely to affect one’s views of economics and human nature than is any well-footnoted and didactic tome.

All work involves economic considerations, but there are unique aspects of repairing machines that deeply touch the core principles of economics which are inescapable for the troubleshooter.

The notion that unpatented medical technologies are not feasible is historically false. The <em>British Medical Journal</em> challenged its readership to submit a list of the most noteworthy medical and pharmaceutical inventions throughout history. Only two of them have remotely <em>anything </em>to do with patents.

Block’s Defending the Undefendable has needled and irritated an entire generation of readers and compelled many to re-examine long-held beliefs in favor of the logic of libertarianism. Now comes volume 2, with a foreword by Ron Paul, that promises more such irritation for future generations.

What would happen if the FDA didn’t ensure that food was safe and the EPA didn’t protect us from pollution? What would happen if the SEC didn’t rein in Wall Street and the FTC and antitrust laws didn’t protect us from monopolies and collusion? The answer is “I don’t know; no one knows.” But someone would come up with an solution.

If Germany has competitive labor costs and can build a better widget, where is the problem?

What individualism teaches us is that society is greater than the individual only in so far as it is free.