Entrepreneurship

In Austrian economics, judgment refers to decision making under uncertainty. Given that we live in a world of uncertainty, all of us use judgment when choosing what actions to perform.

Human action involves people engaging in unique events in which outcomes often are uncertain, when expertise and planning often do not give us the results we anticipate.

Human action involves people engaging in unique events in which outcomes often are uncertain, when expertise and planning often do not give us the results we anticipate.

Dr. Per Bylund contrasts the futility of politics with the quiet power of entrepreneurship, showing how innovative businesses like Uber and Amazon actually dismantle regulations, reshape institutions, and push the state back more effectively than any protest movement or election.

Dr. Peter Klein explores whether AI can ever replace human entrepreneurs and central planners, arguing from Mises’ calculation problem that even “thinking machines” can only mimic, not originate, the real-world judgment and ownership that markets require.

Today, the term "Austrian economics" is used to designate two very different paradigms.

Equilibrium is an imaginary construct that should be used only for analytical purposes. Unfortunately, mainstream economists have claimed it should represent a desired state of economic affairs.

When studying praxeology, something as trivial as the recipe for chocolate cake can become a way to better teach us Austrian economics.

When studying praxeology, something as trivial as the recipe for chocolate cake can become a way to better teach us Austrian economics.

While it is true that one cannot create entrepreneurs in a classroom setting, it still is important that people how entrepreneurship works. No one explains entrepreneurship better than Austrian economists.