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The dynamic discovery process of free markets

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"In a broad or general sense, entrepreneurship actually coincides with human action."

— Huerta de Soto, Jesús event 1992

menu_book Socialism, Economic Calculation and Entrepreneurship

business_center Entrepreneurship analytics Economics menu_book Austrian Economics trending_up Market Process trending_up Free Market

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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

business_center Entrepreneurship trending_up Market Process swap_horiz Capitalism

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"The capitalists, the enterprisers, and the farmers are instrumental in the conduct of economic affairs. They are at the helm and steer the ship. But they are not free to shape its course. They are not supreme, they are steersmen only, bound to obey unconditionally the captain's orders. The captain is the consumer."

— von Mises, Ludwig event 1944

menu_book Bureaucracy

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"In short, there can be no monopoly or monopoly price on the free market."

— Rothbard, Murray event 1962

menu_book Man, Economy, and State

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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

Man, Economy, and State

person Rothbard, Murray event 1962

Rothbard's comprehensive treatise on Austrian economics, building on Mises's praxeology to systematically reconstruct economic theory from first pr...

menu_book Austrian Economics trending_up Praxeology menu_book Economic Theory diamond Value sell Price savings Capital trending_up Market Process trending_up Free Market

Predatory Value Extraction

person Lazonick, William event 2019

William Lazonick's book-length case (co-authored with Jang-Sup Shin, Oxford University Press, 2019) against the 'maximizing shareholder value' ideo...

menu_book Economic Theory savings Capital engineering Labor trending_up Market Process emoji_events Incentives

Socialism, Economic Calculation and Entrepreneurship

person Huerta de Soto, Jesús event 1992

Extends the Misesian impossibility of socialist calculation into a full theory of entrepreneurship, showing that socialism systematically destroys ...

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psychology Concepts

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Financialization (Downsize-and-Distribute)

A term for the shift in large-company management from a 'retain-and-reinvest' model, where profits are kept in the firm and reinvested in R&D, capa...