Heterodox
Summary:
Are those who obtain more income better in some way, perhaps more intelligent than others? Are they luckier? According to Ludwig Von Mises, they are superior in intelligence: "The entrepreneur is the agency that prevents the persistence of a state of production unsuitable to fill the most urgent wants of the consumers in the cheapest way. All people are anxious for the best possible satisfaction of their wants and are in this sense striving after the highest profit they can reap. The mentality of the promoters, speculators, and entrepreneurs is not different from that of their fellow men. They are merely superior to the masses in mental power and energy. They are the leaders on the way toward material progress. They are the first to understand that there is a discrepancy between what
Topics:
Robert Vienneau considers the following as important: Austrian School Of Economics
This could be interesting, too:
Are those who obtain more income better in some way, perhaps more intelligent than others? Are they luckier? According to Ludwig Von Mises, they are superior in intelligence: "The entrepreneur is the agency that prevents the persistence of a state of production unsuitable to fill the most urgent wants of the consumers in the cheapest way. All people are anxious for the best possible satisfaction of their wants and are in this sense striving after the highest profit they can reap. The mentality of the promoters, speculators, and entrepreneurs is not different from that of their fellow men. They are merely superior to the masses in mental power and energy. They are the leaders on the way toward material progress. They are the first to understand that there is a discrepancy between what
Topics:
Robert Vienneau considers the following as important: Austrian School Of Economics
This could be interesting, too:
Robert Vienneau writes Another Hayekian Triangle Not Supporting The Austrian School
Robert Vienneau writes Roger Garrison On The Inadequacy Of Hayekian Triangles
Robert Vienneau writes The Production Of Commodities And The Structure Of Production: An Example
Robert Vienneau writes The Production Of Commodities And The Structure Of Production
Are those who obtain more income better in some way, perhaps more intelligent than others? Are they luckier? According to Ludwig Von Mises, they are superior in intelligence:
"The entrepreneur is the agency that prevents the persistence of a state of production unsuitable to fill the most urgent wants of the consumers in the cheapest way. All people are anxious for the best possible satisfaction of their wants and are in this sense striving after the highest profit they can reap. The mentality of the promoters, speculators, and entrepreneurs is not different from that of their fellow men. They are merely superior to the masses in mental power and energy. They are the leaders on the way toward material progress. They are the first to understand that there is a discrepancy between what is done and what could be done. They guess what the consumers would like to have and are intent upon providing them with these things. In the pursuit of such plans they bid higher prices for some factors of production and lower the prices of other factors of production by restricting their demand for them. In supplying the market with those consumers' goods in the sale of which the highest profits can be earned, they create a tendency toward a fall in their prices. In restricting the output of those consumers' goods the production of which does not offer chances for reaping profit, they bring about a tendency toward a rise in their prices. All these transformations go on ceaselessly and could stop only if the unrealizable conditions of the evenly rotating economy and of static equilibrium were to be attained." -- Von Mises, Human Action, Chapter XVI, Section 3.
You can see why he is popular among plutocrats. His confusion (not demonstrated in this post) about how capitalist economies can work is a feature, not a bug.