Entrepreneurship as a higher education discipline has something of a split personality. Its roots are in practical instruction and business school curriculum operating as a trade or vocational school, supplying students with skills necessary to manage firms. In the world of entrepreneurship, this roughly equates to How to Start a Business 101.
After a highly publicized failure to repeal Obamacare in March, Republican leaders have repeatedly said the battle is not over. President Donald Trump continues to push lawmakers to negotiate changes to the 2010 healthcare law, though it’s not clear whether any legislation will have enough support to usurp the Affordable Care Act. Instead of
[ Editor’s Note: Bylud and McCaffrey have a new article in the Journal of Business Venturing . The executive summary is below and the full article is available online for a limited time. ] Highlights We investigate the relationship between entrepreneurs and uncertainty. We clarify the structure of entrepreneurial action with respect to
It is easy to fall into the trap of the “cost-plus” method. That is, to consider prices for consumer goods to be a function of the costs of production. Unfortunately, the cost-plus method of pricing is commonly taught to MBA students worldwide, thereby cementing a bureaucratic view of business and the economy. Producer Costs Don’t Determine Prices
What does an economy do? Modern economics suggests it is about [production] efficiency, and develops models for assessing the degree to which it is achieved and predicting outcomes assuming it. This is a fundamental misunderstanding that, when scratching on the surface, clearly is as impossible as it is undesirable. Economy is about value creation
Proponents of intellectual property rights often rely on one of two lines of reasoning. The first is based on the misunderstanding that the frequency or volume of innovations determine economic growth. The second is captured by the question, “So if I spend $1 billion on R&D (research and development) to bring a new drug to market, anyone should be
A common issue with economists and political economists from left to right is that they misunderstand the market economy as simply being a set of production processes. We see this in Lenin’s statement that the Soviet Union should be run like one big factory. We see it in market socialists from Frederic Taylor to Oskar Lange attempting to respond
There is a lot of confusion regarding what entrepreneurship is and how entrepreneurs earn profits. This confusion causes a distinction between “market” entrepreneurship and “social” entrepreneurship that does not, in fact, exist. Generally speaking, “social entrepreneurship” is the providing of value to those in need with the implied understanding
CALL FOR PAPERS Special Issue of The Quarterly Journal of Austrian Economics : AUSTRIAN ENTREPRENEURSHIP THEORY Submission window : March 15 – April 15, 2020 Guest editor : Per Bylund, School of Entrepreneurship, Oklahoma State University Overview Austrian economics is a widely respected body of theory in management broadly (e.g., Jacobson, 1992)
A recent paper in the Journal of Consumer Psychology ( JCP ) has started a debate on the accuracy of “loss aversion,” the idea that people are driven by fear of losses more than they are by the potential for gain. Core to behavioral economics, this idea has been rather universally accepted and been part of the awarding of two economics Nobel
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.