Entrepreneurship

Strip away the mystique and ChatGPT is a next-word predictor with some randomness—the same trick as the spell-checker asking if you meant "dog." Peter Klein on the economics of AI, minus the hype.

Per Bylund takes up Mises's claim that the entrepreneur-promoter cannot be defined praxeologically.

Everyone wants the one key to economic growth—capital, or technology, or trade. Shawn Ritenour argues there is no single key, and that's exactly what the models keep missing.

The crucial difference between physical “capital goods” and “capital” as an accounting concept, and how profit and loss, private property, and economic calculation steer production toward what consumers actually want.

While Ludwig von Mises and Murray Rothbard are better known in circles of Austrian economics, Israel Kirzner also made many contributions in the area of entrepreneurship. 

Periods of crisis reveal something unsettling about human behavior—fear leads to the acceptance of what would have been unthinkable.

Dr. Per Bylund unpacks Rothbard's concept of the capitalist entrepreneur as the economy's true mover and shaker: the figure who not only forecasts future consumer demand but puts real capital behind those forecasts, bearing uncertainty and driving the structure of production.

In Austrian economics, judgment refers to decision making under uncertainty. Given that we live in a world of uncertainty, all of us use judgment when choosing what actions to perform.

Human action involves people engaging in unique events in which outcomes often are uncertain, when expertise and planning often do not give us the results we anticipate.

Human action involves people engaging in unique events in which outcomes often are uncertain, when expertise and planning often do not give us the results we anticipate.