Practically all critiques of markets are fundamentally ignorant and never address the actual issue. And they’ve been ignorant in the same way for about (at least?) a century. The so-called “market socialist” response to Mises’ claim that socialism (the common/public ownership of the means of production) is impossible illustrates this. Real Prices
Politics is hardly an effective force for bringing about positive change in society. Instead, real change, and especially such that changes people’s lives for the better, comes from elsewhere. It comes from business, and specifically from innovators, entrepreneurs, and pioneers in the market. And very often it does so despite politics and the
It is commonly believed that market competition leads to monopoly. Industries start out small with startup firms trying to out-innovate each other. But, in time, this competition gives way to economies of scale as competitors merge or take over each other. Competition thus leads to imperfect competition and oligopoly, and eventually to monopoly.
Economics is not hard. In fact, as soon as you realize what economic theory means, it is obvious. But the application of it seems hard. For example, all students learn the concept of opportunity cost, but they have no idea how to use this insight. And they typically fail when they try. Similarly, that value is subjective is obvious when you think
What does an economy do? Modern economics suggests it is about [production] efficiency, and develops models for assessing the degree to which it is achieved and predicting outcomes assuming it. This is a fundamental misunderstanding that, when scratching on the surface, clearly is as impossible as it is undesirable. Economy is about value creation
CALL FOR PAPERS Special Issue of The Quarterly Journal of Austrian Economics : AUSTRIAN ENTREPRENEURSHIP THEORY Submission window : March 15 – April 15, 2020 Guest editor : Per Bylund, School of Entrepreneurship, Oklahoma State University Overview Austrian economics is a widely respected body of theory in management broadly (e.g., Jacobson, 1992)
A recent paper in the Journal of Consumer Psychology ( JCP ) has started a debate on the accuracy of “loss aversion,” the idea that people are driven by fear of losses more than they are by the potential for gain. Core to behavioral economics, this idea has been rather universally accepted and been part of the awarding of two economics Nobel
[Este es un capítulo de The Problem of Production: A New Theory of the Firm ] Este libro trata sobre lo que generalmente se denomina «empresa», un fenómeno en el mercado que parece obvio pero que sigue siendo difícil de explicar. Si bien hay un campo de estudio conocido como la teoría de la empresa, en realidad hay una serie de teorías notables.
Prácticamente todas las críticas de los mercados son fundamentalmente ignorantes y nunca abordan el problema real. Y han sido ignorantes de la misma manera durante aproximadamente (¿al menos?) un siglo. La llamada respuesta «socialista de mercado» a la afirmación de Mises de que el socialismo (la propiedad común / pública de los medios de
La política no es una fuerza efectiva para lograr un cambio positivo en la sociedad. En cambio, el cambio real, y especialmente aquellos que cambian la vida de las personas para mejorar, provienen de otros lugares. Proviene de negocios, y específicamente de innovadores, empresarios y pioneros en el mercado. Y muy a menudo lo hace a pesar de la
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.