If I were to give a tour of the United States to visitors from a socialist country, who are used to experiencing chronic shortages of almost everything, Wal-Mart would be one of the first places I would take them. It is a perfect symbol of one of the most remarkable things that we have — an enormous variety of high quality, low cost products that are available to virtually everyone throughout the United States.
Capitalist-entrepreneurs must anticipate supply and demand conditions of future market conditions. It is the future price - the appraisement – that must be compared to the costs of factors of production (land, labor, and capital).
Government involvement accounts for the internet's continuing problems, while the market should get the credit for its glories.
The above headline, “Energy Crisis: Many Paths but No Solutions,” appears on page one of the print version of The New York Times
So those scurvy bums at Wal-Mart are finally getting what is coming to them!
The CEO of Wal-Mart surprised many by calling for an increase in the minimum wage, writes Lew Rockwell. It is a cartelization tactic that uses regulatory violence as a means of competition.
J. Patrick Gunning Mises on the Evenly Rotating Economy Adobe Acrobat 6.0 Paper Capture Plug-in
The entrepreneur is a key figure in the market economy. In a dynamic economy, ideas, products, and services are constantly changing. Entrepreneurship, broadly defined, refers to actions of individuals as they strive to cope with constantly changing market conditions.1 When viewed in this way, all market participants-consumers, producers, and investors-engage in entrepreneurial activity.
From The Review of Austrian Economics Vol. 6, No. 1, 1992.
