Entrepreneurship

The concept of economic calculation is vitally important to understanding our modern economy, yet few people— and especially economists—comprehend that it even exists. 

It should be clear from the articles in this book that the Austrian School is thriving. Per Bylund has rendered a great service in bringing the scholarship in A Modern Guide to Austrian Economics to our attention.

Austrian economics in practice.

The entrepreneur is the driving force of the whole market system.

Without entrepreneurs, there is no market economy.

Although mainstream economists hold that Adam Smith is the father of modern economics, it was Richard Cantillon that recognized the centrality of entrepreneurship in economic development. 

Although mainstream economists hold that Adam Smith is the father of modern economics, it was Richard Cantillon that recognized the centrality of entrepreneurship in economic development. 

Christian Sandström is a Swedish economist who joins Bob to make the case that massive government funding projects aren't necessary to promote science or industrial growth.

Econometric models are constructed with the idea that they can be substituted for authentic human action. Not surprisingly, they fail badly.

Econometric models are constructed with the idea that they can be substituted for authentic human action. Not surprisingly, they fail badly.