Entrepreneurship

There's no shortage of intellectuals eager to churn out new schemes for central planning.

Recorded at the Mises Institute in Auburn, Alabama, on 24 July 2015.

Recorded at the Mises Institute in Auburn, Alabama, on 24 July 2015.

Recorded at the Mises Institute in Auburn, Alabama, on 22 July 2015.

Recorded at the Mises Institute in Auburn, Alabama, on 21 July 2015.

Much of Bolivia's alleged socialist miracle relies on the commodity boom, but there is a real laissez-faire element behind the boom, too. Bolivian President Evo Morales is allowing Bolivia's small-businesses and informal economies to truly thrive and grow.

It’s a great time to be studying entrepreneurship. Today as never before entrepreneurs are confronted with “grand challenges” both in the marketplace and society more broadly. And despite constant efforts to stifle their work, entrepreneurs rise to these challenges, thereby showing their vital role in solving some of our deepest economic and social problems. 

Business schools now often tell students that shareholders are socially irresponsible by seeking only profit and ignoring the “stakeholders in the community.” But in practice, owners must be respectful of many outside groups (such as employees and vendors), to be profitable.

Charity serves an important and indispensable function in society: not everyone can engage in enough productive work to meet the daily needs of his or her family. But entrepreneurs and businesses have to create wealth before it can be given away.

Krugman is confused as to why so much technological growth in recent years has not led to more economic growth. The answer lies in the fact that true technological change requires funding — and thus real savings — to be implemented.