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The dynamic discovery process of free markets

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"The direction of all economic affairs is in the market society a task of the entrepreneurs. Theirs is the control of production. They are at the helm and steer the ship. A superficial observer would believe that they are supreme. But they are not. They are bound to obey unconditionally the captain's orders. The captain is the consumer."

— von Mises, Ludwig event 1949

menu_book Human Action: A Treatise on Economics

trending_up Free Market trending_up Market Process swap_horiz Capitalism

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"What distinguishes the successful entrepreneur and promoter from other people is precisely the fact that he does not let himself be guided by what was and is, but arranges his affairs on the ground of his opinion about the future. He sees the past and the present as other people do; but he judges the future in a different way."

— von Mises, Ludwig event 1949

menu_book Human Action: A Treatise on Economics

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auto_stories Books

An Essay on the Nature of Trade in General

person Cantillon, Richard event 1755

Pioneering work in economic theory written around 1730, covering entrepreneurship, market pricing, monetary economics, and the circular flow, consi...

history Early Economics business_center Entrepreneurship currency_exchange Monetary Theory trending_up Market Process

Human Action: A Treatise on Economics

person von Mises, Ludwig event 1949

Ludwig von Mises' magnum opus and the most comprehensive systematic treatment of economics from the Austrian School perspective. Mises develops pra...

menu_book Austrian Economics trending_up Praxeology calculate Economic Calculation trending_up Free Market science Methodology menu_book Epistemology analytics Economics account_balance Socialism swap_horiz Capitalism trending_up Market Process business_center Entrepreneurship diamond Subjective Value monetization_on Sound Money