Entrepreneurship

Austrians have a different point of view about economic growth. Growth requires four ingredients: domestic private investment, sound money, private property, and free markets.

Private property enabled all growth. Division of labor found employment for each man. Exchange is a win-win action. Risk taking tests ideas. Capital accumulation as production to make other things. The desire for a better life and the belief that it can happen.

Growth requires private saving first, then investment and then production. It cannot be accomplished through sheer credit and credit expansion. Money is not wealth.

2014’s new US Farm Bill eliminates many direct subsidies to farmers, while replacing them with subsidized insurance programs. This will lead to higher costs for taxpayers and distorted markets in the future.

In a free market, entrepreneurs profit by providing something of value that people will voluntarily purchase, writes Hans-Hermann Hoppe.

With a state in existence, ultimately, all private property becomes state property.

Entrepreneurship is the driving force of a market economy, and that entrepreneurs need property rights, the rule of law, sound money, and free and open competition to be successful.

The nonprofit form of enterprise is indispensable to both recipient individuals and the benefactors who fund them.

The Fed and it’s friends blamed cold weather for much of the year’s lackluster economic growth.

This paper summarizes and compares the theories of entrepreneurship of Joseph A. Schumpter and Israel M. Kirzner as presented in their major scholarly contributions to economic analysis.