The entrepreneur isn’t a gambler. He acts under uncertainty, but not ignorance. He studies the future, anticipates demand, and allocates … Read the rest
Category: Economics
The Nature of Saving
Saving is one of the most misunderstood concepts in economics. People often think it means hoarding money or refusing to … Read the rest
Ownership and Responsibility
Every system, whether political or economic, rests on one principle: ownership. It determines how resources are used, how they’re preserved, … Read the rest
Marketing: The Illusion of Branding
At the Margin
The more abundant something becomes, the less each unit matters to us. This is the law of marginal utility. It’s … Read the rest
Cause
There’s only one cause in the realm of man: choice. The sciences of matter deal with forces outside themselves—gravity, inertia, … Read the rest
The Pretenders of Progress
There’s no shortage of pretenders who redefine progress to fit their agenda. They speak with confidence, but every word is … Read the rest
The Myth of Monopoly
Few concepts in economics are so thoroughly twisted as monopoly. Politicians use the word like a weapon, and the public … Read the rest
Pseudo-Free Markets
Markets are constantly paraded as free when they are anything but. Politicians love to cloak intervention under the banner of … Read the rest
The Power of Belief
Society isn’t the product of brute strength. It emerges from cooperation, and cooperation depends on ideas. Ideas shape how men … Read the rest