“Austrian insights distill the complexity of what we business owners do down to a very simple mantra: satisfy the desires of others. That's it. That's all any of us are trying to do.”
This week, the Federal Reserve raised the target Federal Funds Rate ever so slightly. The Fed perhaps felt it had to raise rates to protect its credibility, as credibility problems seem to be plaguing similar institutions worldwide.
Statistics can only go so far in telling us about patients, so doctors must deal with uncertainty every day while applying the skills of entrepreneurs. In a way, the best doctors are often the best entrepreneurs.
The biggest technology problem we face today is not the rise of technology in the private sector. New technologies only improve worker productivity and wealth accumulation. The real problem is in the many ways that the state will use technology against us.
It's the age-old question: is success the result of natural talent or simply hard work? This problem is especially important for entrepreneurs.
The true lessons of Thanksgiving are that private property, the market economy, and personal responsibility lead to prosperity, while government intervention makes us all poorer.
Amazon has developed a new way to help people do easy work for a little extra cash. The jobs involve repetitive tasks that computers can't do. But, since the jobs pay below minimum wage, we're told the whole thing should be outlawed.
The Fed's Federal Open Market Committee renewed its commitment to easy money this week. The Fed will pretend to be committed to raising rates while doing nothing, and its ongoing war against deflation will continue to make us poorer.
