Mises Search

Most of the market activities in which entrepreneurs are engaged are readily seen. People buy and sell things or provide services at locations to paying customers. But if we examine the unseen activities, we will learn how entrepreneurship is a perpetuating market process. More entrepreneurs tend to create more entrepreneurship, both among

Many people think and talk about competition without a slight feeling of uneasiness. Often, it is only the entrepreneur who feels comfort about competition in the marketplace. Most people do not understand the sense of competitiveness the entrepreneur possesses. The saying goes, “If it ain’t broke, don’t fix it.” Not so for the entrepreneur. In

In a December 1 article in the Wall Street Journal , Francis Greene, head of the Entrepreneurship and Innovation Group at Edinburgh University Business School, mistakenly claimed that entrepreneurs and founders do not learn from their failures. Austrians might disagree with this claim, as the market abandons firms whose predictions of consumer

Although there is a proliferation of goods and services brought to markets by entrepreneurially minded producers and investors, this production was preceded by someone or some firm harnessing the power of human capital in order to produce those goods and services.  Unfortunately, this is often ignored and we instead are regularly confronted by

In a January 2020  Forbes Magazine article titled “Why Doing Good Is Good For Business” clearly left out critical information: who is the good or bad entrepreneur? According to the author, good entrepreneurs are doing good if their primary objective is not to make a profit. And bad entrepreneurs are doing bad if their primary objective is to make

When the customer receives defective, shoddy, or inferior-quality products and above market price—from the only game in town—the customer lacks an easy escape from incompetent or unscrupulous sellers. It behooves the customer to seek other viable options in the market from firms that offer similar products. But if there are no competitors at all,

It is preposterous to assume what customers say is more important than where they place their feet and the price they pay for products or services. The customer’s mind is still elusive and challenging for entrepreneurs. If understanding the mind of the customer were easy, everyone would do it! The insights of the Austrian school of economics tell

Gresham’s law states that bad money drives out good money. Gresham’s law goes something like this: overvalued money that has less actual value circulates in a market economy, and the undervalued money with the same face value but whose metal has more value is hoarded and thus goes away. People move the good money out of an economy for future use

There is an attack on the customer by its anti-market enemies. These enemies dislike market economies and private property and wish to see these institutions destroyed. The enemies want to see a new “king” to the throne—one that dislikes the customer. These enemies want to install a “king” that does not care about what you want to consume, but