Mises Search

Many of us seek products and services from sellers with goods of the best quality and relatively lower prices. Sellers seek the highest prices for selling the least amount of goods. Sellers compete for customers but would much rather be the only seller in the marketplace or market space. Furthermore, consumers want more for themselves and less for

In his book, The Theory of Moral Sentiments , Adam Smith said of producers: “They are led by an invisible hand to make nearly the same distribution of the necessaries of life which would have been made had the earth been divided into equal portions among all inhabitants; and thus, without intending it, without knowing it, advance the interest of

Despite the fears that Artificial Intelligence will disempower consumers, companies find it easier to keep up with ever changing preferences of consumers by applying AI technology. Companies apply AI to the infinite areas of business operations, production, pricing, customer experiences, and manufacturing processes. Firms are racing one another to

People are arguing over whether artificial intelligence (AI) and robotics will eliminate human employment. People seem to have an all-or-nothing belief that either the use of technology in the workplace will destroy human employment and purpose or it won’t affect it at all. The replacement of human jobs with robotics and AI is known as

Contemporary businesses use artificial intelligence (AI) tools to assist with operations and compete in the marketplace. AI enables firms and entrepreneurs to make data-driven decisions and to quicken the data-gathering process. When creating strategy, buying, selling, and increasing marketplace discovery, firms need to ask: What is better,

How often per week do you watch Netflix? How many social media platforms are you on and check throughout the day? Do you use self-checkout at the grocery store? Do you review and keep track of your finances via an online source? Are you concerned prices for products and services are increasing, and do you check prices on products and services

Marketplace competition is reaching a new high with the era of artificial intelligence—deep machine learning capabilities offered to the entrepreneur as specialized services. AI tools as services spanning the marketplace are popping up at a rate that is seemingly increasing firms’ productivity and competitiveness. However, what implications do

In An Inquiry Into the Nature and Causes of the Wealth of Nations , Adam Smith described what he called the Invisible Hand - a metaphor to describe the mechanism of the market and the social benefit that individuals who participate in the market in self-interested ways intentionally and unintentionally serve others. The invisible hand guides

Young people often get their first jobs in fast food or in some sort of retail customer service. Young and not so young adults are aware that fast food jobs will equip them with the skills needed to acquire future employment. Some choose to make a career in fast food, while for others it is a means of developing skills and earning money to satisfy

Failure is a misnomer if we are referring to the human action involved in an entrepreneurial pursuit. A commonly held, although misleading notion, is that entrepreneurs often fail within the first few years in the marketplace. Often, I wonder why and how it happens that entrepreneurs fail only after a few years in the market if they envisioned a