The Chinese Communist Party professes socialism with Chinese characteristics, which is, essentially, capitalism. USA’s Big Tech companies appear to be practicing capitalism with Chinese characteristics.
The future of work is portrayed as technology substituting for people. It’s more likely that people will become firms, with all the access to resources that that entails.
Value is not derived from functional use, but is the good feeling the consumer experiences during consumption. Consistent with the Austrian understanding of the market as a process, value is a process.
Entrepreneurial economics drives the market economy and improves the standard of living and quality of life for everyone in society. It’s the economics to know.
Joseph Schumpeter was famously pessimistic about the future prospects of capitalism. He couldn’t have anticipated the internet, open source software, IoT, and downloadable business models.
There’s a middle class of businesses that are the backbone of the economy. Professor Saras Sarasvathy coined that term, and we’re pleased to adopt it. These businesses sit between the big corporations of the major stock indexes and the VC-funded gazelles and unicorns of Silicon Valley and Silicon Hills. The watchwords for these backbone businesses […]