Valuation of businesses must be based on appraisement, investment appraisal, and—terra incognita in Austrian economics—negotiation. Discounted cash flow and "relative valuation" methods are well-suited for negotiation purposes.
The liberal revolutions that paved the way for the industrial revolution were hallmarks of great progress against the state. As Lord Acton noted, a continuation of this revolutionary spirit is our best hope against the state.
Hard-left "democratic socialists" think they figured out how to make government planning possible: use prices. But there's a problem in their argument: prices are impossible without markets.
The authentic German liberals have fallen into total obscurity. Today, the figures who are celebrated as early-twentieth century German liberals are men who were, in fact, collectivists and forerunners of the totalitarian state.
Humans use action to attain certain ends. But they must choose what actions to take. And choice also requires judgment about the best way to achieve the preferred ends.
Thanks to entrepreneurs, markets are dynamic and constantly expanding. Attempts by governments to manage prices through the bureaucracy are sure to hinder this dynamism and drive to serve customers.
The 2019 Lou Church Memorial Lecture, sponsored by the Lou Church Foundation.
The 2019 Murray N. Rothbard Memorial Lecture, sponsored by Don Printz.
When Mises noted that a manager is a "junior partner" of the entrepreneur, he did not mean to downplay the role of management in the economy.
Dr. Joe Salerno joins us for the definitive podcast on the founder of the Austrian school.
