The Entrepreneur

The power of creative energies to manifest themselves in the face of man-made obstacles accounts for the progress we observe even when the worst elements in society get on top

Schumpeter went on to remind the audience that the heart of the capitalist process was its endless dynamism, which was the opposite of Keynesian stagnationism.

The Austrian school is the only school of thought built on a solid foundation. The Austrian school's a priori knowledge is apodictically true, and not subject to time or place.

PDF of Peter Klein’s PowerPoint presentation.

Refusal to substitute dispassionate analysis for moralistic anticapitalistic crusading is unfortunately likely to lead us backward rather than forward.

With time rightly identified as a scarce resource, economic theory is needed to understand the interchange process. And there is no place for the "freeconomics" of Chris Anderson.

So there we have the connection between Rothbardian political analytics and the hottest movie in theaters today.

We are able to make more sense of all this insanity if we use the Austrian lens to observe that money doesn't have to be a force for human motivation. It is, rather, a tool of calculation.

Taking the counterfeiters money is not wrong, but when the women started spending the money, as Lew Rockwell points out, that's "another matter, of course, as it imitates on a tiny scale what the Fed does, and dilutes the value of other people's money."

Being hated by the wealthy and powerful is perhaps the high cost of serving those with low incomes, and Wal-Mart will no doubt continue to encounter resistance from those who don't need its services for some time to come.