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Kerkorian was an eighth-grade dropout who would go on to earn billions, and epitomized Mises's idea of the entrepreneur.
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Frederic Tudor solved the problems of transporting large amounts of ice over long distances and introducing the citizens of Calcutta to their first taste of ice cream.
The EntrepreneurLabor and Wages
The Company Men shows how, in order to move on from a devastating layoff, workers must first figure out how to be valuable to the customers.
Booms and BustsThe Entrepreneur
The economy is not an engine, or a tool, and does not perform any “work.” The economy is you and me.
The EntrepreneurLabor and WagesProtectionism and Free TradeValue and Exchange
Business owners understand that the key to prosperity is to reduce costs and deliver more goods to the customer. Wage workers, however, often want higher prices in order to "protect" their jobs.
If you are “self-employed,” you do not have the luxury of focusing on keeping down or cutting (your) costs instead of creating value.
Countries with the highest levels of robotization have the lowest unemployment rates.
Once it is understood that profits and losses evolve from the changing values of consumers, it becomes obvious that abolishing windfall profits or windfall losses is impossible.
The EntrepreneurThe Police State
Unlike government police, private firms often suffer falling stock prices and falling revenues when running afoul of public expectations.