The entrepreneur risks, in the present, investment in productions that he thinks will produce some good or service at a profit in the future.
How Does an Economy Grow?
A one-day seminar for high school and college students at the Mises Institute on 8 November 2013.
Austrians have a different point of view about economic growth. Growth requires four ingredients: domestic private investment, sound money, private property, and free markets.
Growth requires private saving first, then investment and then production. It cannot be accomplished through sheer credit and credit expansion. Money is not wealth.
Are we in a recovery? There has been no true recovery since 2008. Private savings rate went down to zero during the boom. Traditional savings rate of Americans has been ten percent.
