The Entrepreneur

In the case of both athlete and teacher, the rarity of the skill and the number of people who benefit from the individual determines how much they're paid. 

Presented at Mises University 2021.

Free consumers and business owners always seek to cooperate in the marketplace. After all, "suppose there were no coming together, each individual dependent solely on his or her own thoughts and productivity…. All would starve!"

A capitalist never chooses that investment in which, according to his understanding of the future, the danger of losing his input is smallest. He chooses that investment in which he expects to make the highest possible profits.

For the entrepreneur in a market economy, nothing is a sure thing. Every business is only a short step from bankruptcy. No business possesses the power to make people buy what they do not want. All success is potentially fleeting.

The driving force behind the stakeholder capitalism philosophy is precisely that it creates opportunities for political actors to assert disproportionate control over the economy’s resources.

The driving force behind the stakeholder capitalism philosophy is precisely that it creates opportunities for political actors to assert disproportionate control over the economy’s resources. 

Centrally planned economies often stick with terrible ideas for many years. But markets can take bad products, learn from them, and turn them into great products that give the public what it wants and needs.

The concern over concentrated influence of corporate special interests is valid, but not because corporate special interests will prevent economic regulation. The problem is corporate executives consistently agitate for more government control. 

Centrally planned economies often stick with terrible ideas for many years. But markets can take bad products, learn from them, and turn them into great products that give the public what it wants and needs.