Governments that hamper entrepreneurship certainly damage it in the near term. But these measures destroy the conditions necessary for innovation and entrepreneurship in the future as well.
Markets are not the enemy of equality. Regulated markets are. The income inequality that naturally occurs in the free market as a result of human uniqueness is needlessly amplified by restrictive government policies to the detriment of all.
Everything you learned from family dinner conversations and your culture served to build your human capital. Across the globe, the people of various regions cultivate certain skills that enable individuals to consider entrepreneurship as a viable choice of work.
Consumers are unpredictable, so it's very easy to miss important entrepreneurial opportunities. Entrepreneurship isn't as easy as it looks.
The economy is not primarily about the adjustment of capital investment across industries and firms, but about the determination of which industries and types of production will exist—and who will be involved in this future production.
Mathematics enjoys the prestige of being truly “scientific,” but it is difficult to mathematize the messy and fuzzy uncertainties and inevitable errors of real world entrepreneurship and human actions.
Hoarding is not even a very disruptive process, because for every miser stuffing money into his mattress, there are numerous misers' heirs ferreting it out. This has always been the case, and it is not likely to change drastically.
Scrooge McDuck is the perfect type of a miser: a capitalist-entrepreneur — and the most philanthropic man (duck, I mean) in Duckburg.
Successful entrepreneurial strategy incorporates learning of all types from trial and error. What other choice is there for entrepreneurs, since they are not omniscient or omnipresent in market processes?
In a world of demanding and ever-changing consumers, there is always a way to do things better, with greater quality, and at a lower price. Entrepreneurs must learn how to do this, or they will lose out to those who can.
