The idea that people are driven by fear of losses more than they are by the potential for gain has attained a sort of dogmatic adherence among behavioral economists. But there's a problem: the theory isn't true.
An essential aspect of the Mengerian-Misesian tradition — the emphasis that it puts on the entrepreneurial character of all human action, that is, its inherent entanglement with the problems of scarcity and uncertainty.
Marketing guru Hunter Hastings offers a look at his new platform which uses Austrian theory to teach actionable entrepreneurship.
The economic policy dominant in the Europe of the 17th and 18th centuries assumed that intervention in economic affairs was a proper function of government.
In The Free Market and Its Enemies, Mises wrote, “Even though you know everything about the past, you know nothing about the future.” This explains that the timeframe and economic constraints at work are vital to the expression of entrepreneurial talents.
The timing is right for pursuing Austrian themes and further leveraging Austrian theory in entrepreneurship, and extending and elaborating on Austrian entrepreneurship theory.
For centuries, entrepreneurial talents in China were diverted to military wars, political struggles, and government services. But now things are changing.
Liberalism has many meanings, but I wish to maintain that the most authentic form of liberalism has been concerned above all with two things: the expansion of a free functioning civil society and the restriction of the activity of the state.
Efficiency is backward-looking and static, while value creation is future-oriented and aspirational.
