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Cronyism is not Capitalism We often hear that capitalism is under fire: in contemporary politics, in journalism, in popular discourse, and even in some business schools and among some management scholars and their students. But the criticism, upon examination, is not about capitalism but cronyism. → Read More
Pricing is fundamental to business success — to generating transactions, to cash flow and to profitable operations. There’s a lot of uncertainty for entrepreneurs in the pricing process, and economics is a good source of clarity. → Read More
Pricing is fundamental to business success — to generating transactions, to cash flow and to profitable operations. There’s a lot of uncertainty for entrepreneurs in the pricing process, and economics is a good source of clarity. → Read More
Hunter Hastings and Peter Klein emphasize profitable value creation as the role of the entrepreneur. → Read More
Decision-making can feel particularly challenging for entrepreneurs. Entrepreneurs face the unpredictability of the future with a limited set of resources, limited information, very little history of what works and what doesn’t, and few, if any, people to help. → Read More
Obituaries for the late Princeton economist Alan Krueger have mixed praise for his personal character with implicit (or explicit) endorsement of his research approach. → Read More
Austrian economist Peter Klein talks with Bob about his unusual (for a Rothbardian) career path, including his time working for the Council of Economic Advisors to Bill Clinton. They discuss Klein’s work on entrepreneurship, and how his views differ from those of Israel Kirzner. → Read More
Far from making them obsolete, the flatter business organisations of today need managers more than ever but in new ways → Read More
Before Kitchen Confidential made him a celebrity, Anthony Bourdain was a real chef, working upscale New York kitchens at places like the Supper Club and Sullivan’s. Bourdain’s style is not to everyone’s taste, but he knows how to manage a restaurant crew. A chef, after all, is not primarily an artist, but a manager, facing the same set of organizational challenges — delegation, incentives,… → Read More
Following the Parkland school shooting we're again hearing about the "epidemic" of "gun violence" and how to stop it. I wrote a piece in 2016 about how this is exactly the wrong metaphor for school shootings or any other kind of violent action. I dislike the term "gun violence" because it depersonalizes a shooting. If person A robs person B, we don't say that B "succumbed to the theft epidemic,"… → Read More
The University of Chicago's Richard Thaler has been awarded this year's Nobel Prize in economics. → Read More
The University of Chicago's Richard Thaler has been awarded this year's Nobel Prize in economics. → Read More
Donald Trump caused a stir this week by suggesting that Puerto Rico's massive $73 billion public debt should be "wiped out." Puerto Rico narrowly avoided default with an interest payment this summer but the debt is a huge long-term problem for the island. → Read More
The populist sentiment behind the Brexit vote, the election of Donald Trump, increasing skepticism of the mainstream media, distrust of higher education institutions, an → Read More
A few weeks ago I was quoted, along with several other business-school professors, in a newspaper article on President Trump's management style. → Read More
The dominant story in last week's news cycle was Google engineer James Damore's diversity memo and his subsequent firing by CEO Sundar Pichai for allegedly violating Google's code of conduct. → Read More
[Adapted from a Liberty Matters online discussion at the Online Library of Liberty.] → Read More
The discovery and (potential) exploitation of opportunities is proposed as the unit of analysis for entrepreneurship research. → Read More