tag:blogger.com,1999:blog-3758330678390419129.post3099894326829762620..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: Will the Understanding of Austrian School Economics Make You a Better Businessman?Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-3758330678390419129.post-88962759966873810092017-07-08T11:41:01.707-04:002017-07-08T11:41:01.707-04:00How can you profit from an opportunity without dep...How can you profit from an opportunity without deploying resources you own? Even if there is an obvious arbitrage opportunity in the market, you have to assume some risk -- counterparty, regulatory, mechanical, etc. -- in the organization and exchange of assets.<br /><br />Moreover, Kirzner's theory is very present-oriented; to re-phrase your question, Robert, if there aren't any obviousThe NAPsterhttps://www.blogger.com/profile/16631781625841157567noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-91231301377694133252017-07-06T13:41:46.682-04:002017-07-06T13:41:46.682-04:00Like I said, if you think entrepreneurial theories...Like I said, if you think entrepreneurial theories are going to help you in business, you are going in the wrong direction. Especially if you think like Klein does that you need to have to be an "asset-owning individual" to be an entrepreneur. So if you don't own assets, you can't be an entrepreneur?<br /><br />What away to view the world.Robert Wenzelhttps://www.blogger.com/profile/14296920597416905488noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-61827100436669037622017-07-06T13:08:25.093-04:002017-07-06T13:08:25.093-04:00While Israel Kirzner's theory of entrepreneurs...While Israel Kirzner's theory of entrepreneurs revolves around "alertness" to existing profit opportunities, I find more compelling Peter Klein's theory of the entrepreneur as an uncertainty-bearing, asset-owning individual who profits from risking his personal capital in making speculative judgments as to the future. I do think there is great value in reading Klein's work The NAPsterhttps://www.blogger.com/profile/16631781625841157567noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-21924658960681551032017-07-06T12:51:47.901-04:002017-07-06T12:51:47.901-04:00Generally this seems true. Most pure theories are...Generally this seems true. Most pure theories are too abstract to be of much use in the granularity of individual business transactions.<br /><br />But I feel like there must be some other examples where AE could provide some meaningful insights. Like wouldn't there be some value in, for example, understanding the socialist calculation problem when considering vertical integration?Anonymoushttps://www.blogger.com/profile/11968441656658845395noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-17933704980118203642017-07-06T09:35:30.697-04:002017-07-06T09:35:30.697-04:00Yes, if Austrian economics significantly helped on...Yes, if Austrian economics significantly helped one in business there would be many more wealthy business owners supporting Austrian institutions and Silicon Valley wouldn't be full of left liberals such as Mark Zuckerberg.Scott Ohttps://www.blogger.com/profile/00270655527655803743noreply@blogger.com