Austrian Economics Entrepreneurship: Mises, Hayek, & Schumpter

Austrian Economics Entrepreneurship: Mises, Hayek, & Schumpter Devoted
to exalting heroic Austrian Economists such as Ludwig von Mises,
Joseph Schumpeter, and F.A. Hayek and entrepreneurship.

Austrian Economics Entrepreneurship
The Greatest Investment Autumn, 2008
by Dr. Elliot McGucken

Entrepreneurship cannot be taught. But in no way does this mean there
is nothing to teach in a class devoted to entrepreneurship. We must
teach of liberty’s ideals and the precepts underlying our precious,
exalted freedom. We must battle for the soul of capitalism; and this
has ever been done best by those brave men who acquainted themselves
with the classics’ immortal ideals in books written pages, and then
took rugged action in rendeirng those ideals real in living ventures,
as did our Founding Fathers.

Thus a class devoted to Entreprneurship–to the supposed bottom line–
is actually a class devoted to the higher ideals. And so it is that I
flipped the script on the modern university, by sneaking the Great
Books back onto the debt-based campus in a Trojan Horse called The
Hero’s Odyssey in Arts Entreprenuership & Technology.

“The stock exchange is a poor substitute for the Holy Grail” –Joseph

“What warrants success in a fight for freedom and civilization is not
merely material equipment but first of all the spirit that animates
those handling the weapons. This heroic spirit cannot be bought by
inflation.” –Ludwig von Mises, The Theory of Money and Credit, p. 469

“The essential characteristic of Western civilization that
distinguishes it from the arrested and petrified civilizations of the
East was and is its concern for freedom from the state. The history of
the West, from the age of the Greek polis down to the present-day
resistance to socialism, is essentially the history of the fight for
liberty against the encroachments of the officeholders.” –Ludwig von

The great aim of the struggle for liberty has been equality before the
law. –Hayek

We must make the building of a free society once more an intellectual
adventure, a deed of courage. What we lack is a liberal Utopia, a
programme which seems neither a mere defence of things as they are nor
a diluted kind of socialism, but a truly liberal radicalism which does
not spare the susceptibilities of the mighty (including the trade
unions), which is not too severely practical and which does not
confine itself to what appears today as politically possible.Those who
have concerned themselves exclusively with what seemed practicable in
the existing state of opinion have constantly found that even this has
rapidly become politically impossible as the result of changes in a
public opinion which they have done nothing to guide. Unless we can
make the philosophic foundations of a free society once more a living
intellectual issue, and its implementation a task which challenges the
ingenuity and imagination of our liveliest minds, the prospects of
freedom are indeed dark. But if we can regain that belief in power of
ideas which was the mark of liberalism at its best, the battle is not
lost. –F.A. Hayek, Studies in Philosophy, Politics and Economics

A society that does not recognise that each individual has values of
his own which he is entitled to follow can have no respect for the
dignity of the individual and cannot really know freedom. –F.A. Hayek

Keynes did not teach us how to perform the miracle . . . of turning a
stone into bread, but the not at all miraculous procedure of eating
the seed corn. –Ludwig von Mises, Planning for Freedom, p. 71 Keynes

A work of art is an attempt to experience the universe as a whole. One
cannot analyze or dissect it into parts and comment on it without
destroying its intrinsic character. –Ludwig von Mises

Economic affairs cannot be kept going by magistrates and policemen. –
Ludwig von Mises, The Theory of Money and Credit, p. 282 Coercion

Innovators and creative geniuses cannot be reared in schools. They are
precisely the men who defy what the school has taught them. –Ludwig
von Mises, Human Action, p. 311 p. 314

Ludwig von Mises –”An entrepreneur cannot be trained.” Human Action
p. 311 p. 314

Ludwig von Mises The creative spirit innovates necessarily. It must
press forward. It must destroy the old and set the new in its place..
Progress cannot be organized. –Ludwig von Mises, Socialism p. 167

One cannot organize or institutionalize the emergence of new ideas.
The Ultimate Foundation of Economic Science Ludwig von Mises p. 129

A nation cannot prosper if its members are not fully aware of the fact
that what alone can improve their conditions is more and better
production. And this can only be brought about by increased saving and
capital accumulation. Planning for Freedom pp. 92-93 Material Well-
Being –Ludwig von Mises

The general intellectual climate which this produces, the spirit of
complete cynicism as regards truth which it engenders, the loss of the
sense of even the meaning of truth, the disappearance of the spirit of
independent inquiry…. Perhaps the most alarming fact is that
contempt for intellectual liberty is not a thing which arises only
once the totalitarian system is established but one which can be found
everywhere among intellectuals who have embraced a collectivist faith
and who are acclaimed as intellectual leaders even in countries still
under a liberal regime. –F.A. Hayek

In the etatist state entrepreneurs are at the mercy of officialdom.
Officials enjoy discretion to decide questions on which the existence
of every firm depends. They are practically free to ruin any
entrepreneur they want to. They had the power not only to silence
these objectors but even to force them to contribute to the party
funds of nationalism. –Mises

If the American people ever allow private banks to control the issue
of their money, first by inflation and then by deflation, the banks
and corporations that will grow up around them (around the banks),
will deprive the people of their property until their children will
wake up homeless on the continent their fathers conquered. –Thomas
Jefferson in 1802 in a letter to then Secretary of the Treasury,
Albert Gallatin

The distinctive principle of Western social philosophy is
individualism. –Mises

Individualism resulted in the fall of autocratic government, the
establishment of democracy, the evolution of capitalism, technical
improvements, and an unprecedented rise in standards of living. It
substituted enlightenment for old superstitions, scientific methods of
research for inveterate prejudices. –Mises

It was in the climate created by this capitalistic system of
individualism that all the modern intellectual achievements thrived. –

“The system of private property is the most important guarantee of
freedom, not only for those who own property, but scarcely less for
those who do not.” –F.A. Hayek

“Those fighting for free enterprise and free competition do not defend
the interests of those rich today. They want a free hand left to
unknown men who will be the entrepreneurs of tomorrow.” –Ludwig Von

“[Socialists] promise the blessings of the Garden of Eden, but they
plan to transform the world into a gigantic post office.” –Ludwig Von

If history could teach us anything, it would be that private property
is inextricably linked with civilization. –Ludwig von Mises,
Government and Civil Society

“Economics deals with society’s fundamental problems; it concerns
everyone and belongs to all. It is the main and proper study of every
citizen.” –Ludwig von Mises

“Even more significant of the inherent weakness of the collectivist
theories is the extraordinary paradox that from the assertion that
society is in some sense more than merely the aggregate of all
individuals their adherents regularly pass by a sort of intellectual
somersault to the thesis that in order that the coherence of this
larger entity be safeguarded it must be subjected to conscious
control, that is, to the control of what in the last resort must be an
individual mind. It thus comes about that in practice it is regularly
the theoretical collectivist who extols individual reason and demands
that all forces of society be made subject to the direction of a
single mastermind, while it is the individualist who recognizes the
limitations of the powers of individual reason and consequently
advocates freedom as a means for the fullest development of the powers
of the interindividual process.” –F.A. Hayek

“I have arrived at the conviction that the neglect by economists to
discuss seriously what is really the crucial problem of our time is
due to a certain timidity about soiling their hands by going from
purely scientific questions into value questions. This is a belief
deliberately maintained by the other side because if they admitted
that the issue is not a scientific question, they would have to admit
that their science is antiquated and that, in academic circles, it
occupies the position of astrology and not one that has any
justification for serious consideration in scientific discussion. It
seems to me that socialists today can preserve their position in
academic economics merely by the pretense that the differences are
entirely moral questions about which science cannot decide.
Conversation at the American Enterprise Institute for Public Policy
Research, Washington, D.C. (9 February 1978); published in A
Conversation with Friedrich A. Von Hayek: Science and Socialism
(1979)” –F.A. Hayek

“If man is not to do more harm than good in his efforts to improve the
social order, he will have to learn that in this, as in all other
fields where essential complexity of an organized kind prevails, he
cannot acquire the full knowledge which would make mastery of the
events possible. He will therefore have to use what knowledge he can
achieve, not to shape the results as the craftsman shapes his
handiwork, but rather to cultivate a growth by providing the
appropriate environment, in the manner in which the gardener does this
for his plants.” –F.A. Hayek, Nobel Lecture of December 11, 1974, The
Pretence of Knowledge

Austrian Economics Entrepreneurship: Mises, Hayek, & Schumpter

Austrian Economics Entrepreneurship: Mises, Hayek, & Schumpter