2016-10-11
Cassel: Praised Entrepreneurship and Critiqued Socialism but Ignored by Austrians?
2014-02-12
A few excerpts from Fundamental Thoughts in Economics will suffice to make this point. Cassel was highly skeptical of political power and believed that economic analysis was necessary to check the efforts to expand government's scope when that expansion was unwarranted and the goals of the expansion were unrealistic. The observance of this rule [to minimize assumptions in modeling] enables us to...
The Role of the Entrepreneur: Coordination and Innovation
2015-02-03
Entrepreneurs guide production according to the needs of consumers. Remember that a good is a typ e of object whose definition is a subjective. The final consumer must expect that the good will improve his or her position enough that he or she actually purchases the good. The entrepreneur’s role is to provide that good to the consumer. Note the inherent difficulty in this role. Consumer demand is...
Markets Fail, That is Why They Work: Thoughts on Garrison's Time and Money
2014-02-16
Roger Garrison’s Time and Money lays out explicitly the Austrian Business Cycle Theory with a focus on the impact of central bank intervention. His exposition is clear. In fact, so clear that it lays out a fundamental weakness in the theory. In the chapter title, “Sustainable and Unsustainable Growth”, Garrison argues booms funded by an increase in real savings don’t result in resource...