The State as a Business and Incentive Structure

During the millennia governments have existed, the core of their nature appears to hardly ever have been properly investigated or their legitimacy questioned. It's no rare phenomenon to see objections that the institution holds too much power at a given moment, or that it should not take on additional functions, but that's usually where the … Continue reading The State as a Business and Incentive Structure

The Austrian Theory of the Business Cycle

Whence comes the boom in economic development - and why does it tend to eventually turn into a bust? Recessions like the Great Depression (1930s) and the Great Recession (2008) have frequently been pointed to as central flaws in a market free economy. Without showing direct causal relationships, deregulation is claimed to be the great … Continue reading The Austrian Theory of the Business Cycle

Pro-Market Does Not Mean Pro-Business: Opposing Barriers to Entry

From many debates about the free market, one tends to get the impression that some everyday Keynesians and Social Democrats, as well as Socialists, often consider free-marketeers as people who unconditionally defend businesses, no matter what reprehensible things they may do. This impression seems to be rooted in the following logic: Premise 1: Free-marketeers often … Continue reading Pro-Market Does Not Mean Pro-Business: Opposing Barriers to Entry

What Profit Really Means: A Book Review of Ludwig von Mises’ “Profit and Loss”

This book review was originally published on Medium.  Profit and Loss is a short book (some might say a pamphlet) by the great economist Ludwig von Mises on just 56 pages about what profit actually means and the significance it has for the entrepreneur and the economy at large. He dispels common myths about profit and … Continue reading What Profit Really Means: A Book Review of Ludwig von Mises’ “Profit and Loss”