The Austrian School of Economics was born, as the name suggests, in Austria, in the late 1800s. It grew out of the so-called "...
Capitalism
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Historically, it has been understood that trade--the free exchange of goods and services--is a tool for creating wealth. We have recognized that voluntary interactions of producers and consumers in the...
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Free market capitalism can be defined as "a system wherein individuals are free to pursue their own interests,...
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Social Justice -- although this little phrase glibly slips off the tongue of many an individual, its ambiguity and explosive political nature can often cause profound confusion about the concept’s true meaning. Indeed, as one...
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Understanding human nature is a fundamental starting point for anyone attempting to build a coherent political philosophy. Generally speaking, there are two views: Human nature is either fixed or malleable....
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Are business and entrepreneurship fundamentally a positive force in society? This question has been debated for nearly as long as commercial activity has existed.
Throughout history, business has played a crucial part in the growth...
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Prices, and the personal freedom to set prices, make an ordered market economy possible.
Prices coordinate economic activity in three major ways:
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Economist Joseph Schumpeter coined the term "creative destruction" to describe the evolutionary process in an economy in which new ideas, processes, equipment, products, technologies, skills and jobs are constantly...
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Competition occurs when people or organizations reach for the same prize or goal at the same time. The prize might be a customer, a job, a grade, or an eBay item. When you think about it, there is little in life for...