Platforms deliver on promises, and that’s why they exist. Platforms don’t sell anything on their own, but instead sell connections. That’s been true for a long time, but in the […]
Tag: Entrepreneurship
Embrace Dynamism: The Future and Its Enemies at 25
As I write in the introduction to a Southern Economic Journal symposium (commemorating the anniversaries of Ludwig von Mises’s “Economic Calculation in the Socialist Commonwealth” and F.A. Hayek’s “The Use […]
Not Enough Pizza
Entrepreneurs are transforming the way society makes and distributes valuable things. There will be (and already are) important consequences for the way we work and live. The good news is […]
Adam Smith’s Oft-Missed Lesson on Human Imagination
One of my favorite teaching lessons in economics is the division of labor. It’s one of those ideas that reminds me of my late father’s dual roles, that of both […]
Made to be Broken?
Which makes the world go round, entrepreneurs or institutions? Depending on whom you read, the emphasis differs. Some scholars (Ludwig von Mises, Joseph Schumpeter, Israel Kirzner) highlight the entrepreneur’s role […]
Smith to Entrepreneurs: Go Forth With Prudence
Adam Smith’s writings leave us with unresolved puzzles. The Theory of Moral Sentiments (TMS) cautions us against the dangers of ambition, while the “liberal plan” of The Wealth of Nations (WN) gives free reign […]
The Venture Capitalist Approach to Being an Academic
Traditional capitalist investors seek steady returns on investments with little risk of failure. Venture capitalists, however, invest in an array of risky but potentially high-return projects. Similarly, traditional academics seek […]