Employing the Labor Theory of Value, Marx claimed that entrepreneurial profits arise from exploitation of workers. In reality, entrepreneurs earn profits when they correctly gauge markets. Exploitation has nothing to do with it.
The concept of economic calculation is vitally important to understanding our modern economy, yet few people— and especially economists—comprehend that it even exists.
The iconic Hermès Birkin bag helps illustrate Carl Menger’s “Theory of the Good,” and Ludwig von Mises’s explanation of human action.
The idea that “if it can fail, it should” probably seems oxymoronic to most people when applied to the economic realm.
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.
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.
