Supply, demand, and prices affect human usage of natural resources in such a way that the most scarce and valued resources are economized and preserved. The practical effect is that valuable resources never really run out.
There is a field where Austrians are being heard and where Austrian theory is tremendously influential, and that field is dynamic entrepreneurial capitalism.
A business owner who cannot understand why a customer is not happy — or even very disappointed — with getting a full refund for a faulty product has failed to grasp some very fundamental economic concepts.
Natural constraints on firm size are numerous, and in a truly free market, large firms would be constantly prone to being broken up and put out of business by competition. And all to often, huge firms become more long-lived due to government intervention.
Far from being a bucolic utopia, economic conditions were highly unsatisfactory on the eve of the Industrial Revolution. The traditional social system was not elastic enough to provide for the needs of a rapidly increasing population.
Readers will close the volume with admiration for Kirzner’s devotion to Austrian economics, immense learning, and dialectical skill
A comparison between the two theories of entrepreneurial action suggest that it may be time to drop the use of the words “equilibrium” and “disequilibrium” from economics.
What are the different concepts of financial risk? How do Austrian economists conceive of risk, uncertainty, and probability? Christian Hoffmann, parting ways with Mises, provides a taxonomy and cautions about the predominance of probability statistics in the realm of economics and finance.
Many products — delivered by the marketplace — that are mocked as "useless," and which environmentalists denounce as "wasteful" are essential items in the daily lives of many disabled people.
We take so many things that make daily life easier for granted. But entrepreneurs are usually behind what often amounts to revolutionary changes.
