The marginalist revolution posed a fundamental problem for economic theory. Mises’s approach not only solved the problem of economizing resources in a division of labor, but provides a robust framework for economic research.
How can entrepreneurs diagnose and understand the idiosyncratic choices of different individuals, and take cognizance and advantage of these choices in business? Hunter Hastings interviews Trini Amador.
Wishing people had higher wages doesn't change the fact that it's impossible to make people richer by merely passing a law. Workers can only sustainably be paid more if they produce more. Fortunately, markets offer an answer to this problem.
The very miracles brought about in our age by the capitalist system have given rise to expectations that keep running ahead even of the accelerating progress, and so have led to an incredibly shortsighted impatience that threatens to destroy the very system that has made the expectations possible.