The fewer non-productive bubble activities we have, the better it is for those activities that actually crate wealth. But attempts to reverse deflation with new money creation only create new bubbles.
Murray Rothbard defines the phrase free market: "a summary term for an array of exchanges that take place in society. Each exchange is undertaken as a voluntary agreement between two people or between groups of people represented by agents."
Austrian-school economics is value-free and is not necessarily in favor of laissez-faire. But the Austrian view of markets and market power tends to push one in the laissez-faire direction.
Income can be defined as how much one can consume without depleting capital. And it is a very important economic concept. Don't let economists tell you otherwise.
When entrepreneurs create profit, we know they are using resources in a way that benefit others. When entrepreneurs causes losses, they are destroying wealth.
