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Today's solo show kicks off our reading of Rothbard's landmark Man, Economy, and State with a look at Chapter 1, "Fundamentals of Human Action." So much of what economics texts get wrong is laid out brilliantly here by Rothbard, who gives readers the basics of action, means/ends, time, ranking, factors of production, and capital in this 77 page master class. The short appendix at the end of the chapter alone is a bombshell—demystifying the correct form for economic analysis, and explaining why psychology is not praxeology. Don't miss this introduction to the book you know you need to read!

Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES.

Man, Economy, and State: Mises.org/MES
Bob Murphy's Study Guide to Man, Economy, and State: Mises.org/StudyMES

For entrepreneurs, the future is not risky, it’s uncertain.

Risk is a calculable mathematical probability, like the result of 1000 tosses of a (fair) coin, or the likelihood of you being involved in a car accident in 40 years of driving on US interstate highways.

The outcomes of entrepreneurial decision making are not calculable. They can’t be computed. Yet entrepreneurs need to make decisions, without having all the facts in hand today, and without knowing the odds of the future results. That’s uncertainty.

Show notes: https://mises.org/library/peter-klein-four-considerations-delegation-derived-judgment

"Uncertainty and Entrepreneurship" (PDF): Mises.org/E4E_72_PDF

Read Peter Klein's paper (with Kirsten Foss and Nicolai J. Foss), "Original and Derived Judgment: An Entrepreneurial Theory of Economic Organization": Mises.org/E4E_72_Paper

'Organizing Entrepreneurial Judgment: A New Approach to the Firm' by Peter Klein and Nicolai Foss: Mises.org/E4E_72_Book

Economics For Entrepreneurs is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/economics-for-entrepreneurs/id1453233518?mt=2
Google Play: https://play.google.com/music/m/Iz2umketq6fu5npyjpb57b7z2cq?t=Economics_For_Entrepreneurs
Stitcher: https://www.stitcher.com/podcast/mises-institute/economics-for-entrepreneurs?refid=stpr
Soundcloud: https://soundcloud.com/misesmedia/sets/economics-for-entrepreneurs
Spotify: https://open.spotify.com/show/7A1kY8ksk1qL2oNf0i97Zp
and via RSS: https://mises.org/itunes/735

Rothbard fans, this is the podcast you don't want to miss! Rothbard scholar Patrick Newman joins Jeff Deist to kick off a series of shows featuring Rothbard's landmark treatise Man, Economy, and State. They discuss the history and background behind this important book, how it changed the landscape, and why the concluding chapters titled "Power and Market" proved so controversial at the time–and remain so today! Dr. Newman calls Rothbard's opus "the best book I ever read," and makes a compelling case for lay readers like you to tackle it.

Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES.

Dr. Joe Salerno's introduction to Man, Economy, and State: Mises.org/SalernoMES

Man, Economy, and State: Mises.org/MES

Negotiators know the value they are offering, they know how to get the appropriate rewards for their value, they are comfortable and confident with the process of negotiated value exchange, and they know how to resolve conflicts.

Show notes: https://mises.org/library/sanjay-yadav-process-based-skills-negotiation

"Negotiation" (PDF): Mises.org/E4E_71_PDF

Discover negotiation readiness: PurpleSkyPartnership.com

How do creative entrepreneurs design and build new businesses, new products and new services that grow and succeed? You’ll make a big difference for your own venture if you follow Per Bylund’s advice to Think Better, and Think Austrian. One step in the right direction is to clear your head of thoughts about competitors to fight, markets to invade, beachheads to take, or moats to construct around your business and your brand.

The alternative way of thinking is to envision your business enterprise, your brand or your offering as an island of specialization. What you create, launch, build, grow and sustain is something that is so special that your customers experience a deep and rich feeling of value that they can’t possibly get anywhere else. For your customers, it provides the business equivalent of a visit to (and eventually permanent residence in) a comfortable, amenity-laden resort on a beautiful tropical island, where the staff recognizes and caters to their every wish. There’s nothing else like it.

Show notes: https://mises.org/library/bylund-how-entrepreneurs-build-businesses-are-beautiful-islands-specialization

"How Entrepreneurs Build Islands of Specialization" (PDF): Mises.org/E4E_70_PDF

For a full-length essay by Per Bylund ("Make Your Startup an Island"), download our latest free e-book, Austrian Economics in Contemporary Business Applications: (PDF): Mises.org/E4B_eBook

For a shorter essay, see Per’s Entrepreneur.com article, "Forget the Moat and Make Your Startup a Tropical Island": Mises.org/E4E_70_Article

For a full exposition of the Austrian theory of the firm and the concept of islands of specialization, see The Problem of Production: A New Theory of The Firm: Mises.org/E4E_70_Book

Economics For Entrepreneurs is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/economics-for-entrepreneurs/id1453233518?mt=2
Google Play: https://play.google.com/music/m/Iz2umketq6fu5npyjpb57b7z2cq?t=Economics_For_Entrepreneurs
Stitcher: h..

The world is changing at such a pace, and your customers’ preferences are changing so fast, that your business has to change at the same speed, or even faster. How to keep up is a part of the entrepreneurial challenge. Mark Packard has a big insight about how entrepreneurs manage innovation.

Producers don’t innovate. Customers do. That may sound a little odd, but Mark’s Value Learning Process makes it clear. Customers are always looking for new value. They’re always dissatisfied, seeking to make things better for themselves. They know what’s wrong or disappointing or less than perfect with their current experience. And they’re always looking for new solutions, better ways to do things, improved experiences. If you know how to interpret their behavior and their dissatisfactions, they’ll tell you what to do.

Show Notes: https://mises.org/library/mark-packards-value-learning-process-two-kinds-knowledge-entrepreneurs-must-have

"The Two Kinds of Knowledge Entrepreneurs Must Have" (PDF): Mises.org/E4E_69_PDF

Just as America begins to reopen from the Coronavirus lockdowns, protests break out across the country over the killing of George Floyd by police in Minneapolis. Governors deploy riot police into the streets to deal with looting, Trump threatens to invoke the Insurrection Act of 1807, and millions of Americans wonder if they still have a job. Racial tensions grow, while groups like Antifa violently agitate for the abolition of property and capitalism. With curfews and business closures in effect, what does the rule of law even mean? How does government at any level maintain legitimacy when it cannot provide basic order?

Judge Andrew P. Napolitano, the Senior Legal Analyst for Fox News and a board member of the Mises Institute, joins Jeff Deist for an in-depth look at the legal crisis facing America in the wake of COVID-19 and ongoing civil unrest. Among the topics:

• What powers do Trump and governors have to quell protests or prevent the spread of disease? Are orders not authorized by legislatures flatly illegal? Do they carry the force of law?

• Can Trump call out National Guard or federal military forces without congressional approval or consent of governors?

• What does due process mean during a crisis? Do constitutional protections disappear when public health is at stake or mass protests overtake the streets?

• What level of constitutional scrutiny should apply to measures taken by governors and mayors—quarantines, business closures, curfews, police mobilizations?

• Are qualified immunity protections keeping dangerous cops and politicians from accountability? Will business owners be able to sue state or local governments for violating their rights?

• Is "property vs. lives" a false choice from a legal perspective? Do police have any affirmative duty to safeguard either?

• What roles do the Ninth and Tenth Amendments play—or should they play—in how various states deal with these crises? Is federalism poised for a resurgence?

This online semina..

For Steven Phelan, “It’s all about the spark” — the moment of inspiration in combining disparate elements together to develop a new solution. Humans draw on “the fringes of consciousness” to create new constructs.

Entrepreneurs also take risks, investing time, talent and treasure in their venture in hopes of gain, yet understanding that they could lose something of value to them in the endeavor.

Show notes: https://mises.org/library/steve-phelan-explains-why-entrepreneurial-intelligence-beats-artificial-intelligence

"Entrepreneurial Intelligence vs. Artificial Intelligence" (PDF): Mises.org/E4E_68_PDF

"Entrepreneurial judgment as empathic accuracy: a sequential decision-making approach to entrepreneurial action" by Jeffrey S. McMullen (PDF): Mises.org/E4E_68_Article

"Are you ready to be an entrepreneur?" (PDF): Mises.org/E4E_68_QA

"Entrepreneurial Self-Assessment" (PDF): Mises.org/E4E_68_SA

Economics For Entrepreneurs is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/economics-for-entrepreneurs/id1453233518?mt=2
Google Play: https://play.google.com/music/m/Iz2umketq6fu5npyjpb57b7z2cq?t=Economics_For_Entrepreneurs
Stitcher: https://www.stitcher.com/podcast/mises-institute/economics-for-entrepreneurs?refid=stpr
Soundcloud: https://soundcloud.com/misesmedia/sets/economics-for-entrepreneurs
Spotify: https://open.spotify.com/show/7A1kY8ksk1qL2oNf0i97Zp
and via RSS: https://mises.org/itunes/735

The massive bailout of indebted sectors that already had overcapacity and were in process of obsolescence may also drive the largest wave of malinvestment in decades. If the previous recoveries came with poor wage and capital expenditure growth and high debt, the next one will likely be even worse.

Original Article: https://mises.org/wire/l-shaped-recovery-not-anomaly-it-norm

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Just as America begins to reopen from the Coronavirus lockdowns, protests break out across the country over the killing of George Floyd by police in Minneapolis. Governors deploy riot police into the streets to deal with looting, Trump threatens to invoke the Insurrection Act of 1807, and millions of Americans wonder if they still have a job. Racial tensions grow, while groups like Antifa violently agitate for the abolition of property and capitalism. With curfews and business closures in effect, what does the rule of law even mean? How does government at any level maintain legitimacy when it cannot provide basic order?

This live online seminar will take place on Friday, June 5, at 2:00 p.m. EDT.

Judge Andrew P. Napolitano, the Senior Legal Analyst for Fox News and a board member of the Mises Institute, joins Jeff Deist for an in-depth look at the legal crisis facing America in the wake of COVID-19 and ongoing civil unrest. Among the topics:

• What powers do Trump and governors have to quell protests or prevent the spread of disease? Are orders not authorized by legislatures flatly illegal? Do they carry the force of law?

• Can Trump call out National Guard or federal military forces without congressional approval or consent of governors?

• What does due process mean during a crisis? Do constitutional protections disappear when public health is at stake or mass protests overtake the streets?

• What level of constitutional scrutiny should apply to measures taken by governors and mayors—quarantines, business closures, curfews, police mobilizations?

• Are qualified immunity protections keeping dangerous cops and politicians from accountability? Will business owners be able to sue state or local governments for violating their rights?

• Is "property vs. lives" a false choice from a legal perspective? Do police have any affirmative duty to safeguard either?

• What roles do the Ninth and Tenth Amendments play—or should they play—in how various states dea..

Every successful business is built on empathic understanding of customers’ preferences. As we know from the theories of Austrian economics, the preference scales of every individual are highly subjective, idiosyncratic, context-dependent, and highly changeable. How does an entrepreneur develop the appropriate level of understanding? Can this understanding be a source of business-building advantage?

We talked with Trini Amador, a returning guest and an in-demand global branding and marketing consultant who has developed an effective process for every entrepreneur to achieve a breakthrough level of insight into customer motivations.

Show Notes: https://mises.org/library/trini-amador-business-tools-shift-customer-behavior-your-favor

"Insights Statement Template" (PDF): Mises.org/E4E_67_PDF_A

"Marketing Platform Tool": (PDF): Mises.org/E4E_67_PDF_B

One-Question Survey with Free Wine Giveaway: E4EPod.com/Question

Most of the world's regimes enthusiastically destroyed their economies and consigned millions to destitution (and a rising tide of resulting health problems) in pursuit of a trendy and unproven theory. There's still not evidence that the lockdowns worked.

Original article: https://mises.org/wire/do-lockdowns-work-mounting-evidence-says-no

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Audio Mises Wire is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/id1352505416
Google Play: https://play.google.com/music/m/Iduao2x6ucqse7ykgvsogvhkr6m?t=Audio_Mises_Wire
Stitcher: https://www.stitcher.com/podcast/mises-institute/audio-mises-wire?refid=stpr
Soundcloud: https://soundcloud.com/misesmedia/sets/audio-mises-wire
and via RSS: https://mises.org/itunes/689

With such chaos, confusion, and incompetence playing out, it is little wonder that more and more Pennsylvanians are refusing to obey lockdown decrees.

Original article: https://mises.org/wire/shutdown-may-soon-collapse-pennsylvania-thanks-local-resistance

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Audio Mises Wire is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/id1352505416
Google Play: https://play.google.com/music/m/Iduao2x6ucqse7ykgvsogvhkr6m?t=Audio_Mises_Wire
Stitcher: https://www.stitcher.com/podcast/mises-institute/audio-mises-wire?refid=stpr
Soundcloud: https://soundcloud.com/misesmedia/sets/audio-mises-wire
and via RSS: https://mises.org/itunes/689

Thanks to past interventions, the economy is now rife with malinvestments and prices that don't reflect real demand. The solution is to allow deflation and other types of painful readjustment. Otherwise true growth will elude us.

Original article: https://mises.org/wire/how-government-intervention-triggers-depressions

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Central banks have decided that one of their main missions is to prevent deflation. But this only ends up causing the malinvestments that lead to economic busts.

Original article: https://mises.org/wire/lets-hope-deflation-headed-our-way

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Paul Krugman is now claiming that reopening the economy and allowing people to go to work almost surely will *cause* a depression.

Original article: mises.org/wire/krugman-we-need-more-unemployment-save-us-unemployment

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Audio Mises Wire is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/id1352505416
Google Play: https://play.google.com/music/m/Iduao2x6ucqse7ykgvsogvhkr6m?t=Audio_Mises_Wire
Stitcher: https://www.stitcher.com/podcast/mises-institute/audio-mises-wire?refid=stpr
Soundcloud: https://soundcloud.com/misesmedia/sets/audio-mises-wire
and via RSS: https://mises.org/itunes/689

For many parents, the ongoing closure of public schools will simply reinforce growing suspicions that public schools just aren't worth it anymore. Maybe they never were.

Original article: https://mises.org/wire/school-closures-are-big-threat-power-public-schools

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Audio Mises Wire is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/id1352505416
Google Play: https://play.google.com/music/m/Iduao2x6ucqse7ykgvsogvhkr6m?t=Audio_Mises_Wire
Stitcher: https://www.stitcher.com/podcast/mises-institute/audio-mises-wire?refid=stpr
Soundcloud: https://soundcloud.com/misesmedia/sets/audio-mises-wire
and via RSS: https://mises.org/itunes/689

Why are Americans so entrepreneurially focused? We descend from “the crazies” — the other thinkers who came from around the world, dissatisfied with their lives, and willing to cross oceans and borders to get to a place that offers no security but offers freedom. They took the ultimate entrepreneurial leap. We got the nut cases. Steve Jobs, for example, was of Syrian descent. Could he have started Apple in Syria? No.

John Tamny sees the American entrepreneurial economy as a beautiful and productive flywheel.

Show Notes: https://mises.org/library/john-tamny-americas-uniquely-productive-entrepreneurial-flywheel

"John Tamny's Entrepreneurial Flywheel" (PDF): Mises.orgE4E_66_PDF

Economics For Entrepreneurs is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/economics-for-entrepreneurs/id1453233518?mt=2
Google Play: https://play.google.com/music/m/Iz2umketq6fu5npyjpb57b7z2cq?t=Economics_For_Entrepreneurs
Stitcher: https://www.stitcher.com/podcast/mises-institute/economics-for-entrepreneurs?refid=stpr
Soundcloud: https://soundcloud.com/misesmedia/sets/economics-for-entrepreneurs
Spotify: https://open.spotify.com/show/7A1kY8ksk1qL2oNf0i97Zp
and via RSS: https://mises.org/itunes/735

Jeff Deist and economist Daniel Lacalle present a special live seminar on the COVID-19 crisis and what it means for your economic future.

Is the world headed for another Great Depression, or will we enjoy a V-shaped recovery later this year as the virus fades and economies reopen? Are governments and central banks making the situation better or worse? Will stocks bounce back? Do we all face a less prosperous new normal, or will markets and human ingenuity overcome the economic tailwinds?

Find works by Daniel Lacalle on Amazon at Mises.org/Lacalle-Books

Download 'Anatomy of the Crash' for free at Mises.org/Crash

Presenting "saving lives" as a more or less equal alternative to commerce and community is a misguided view of what the lockdown debate is really all about.

Original article: https://mises.org/wire/viruses-versus-lockdowns-its-not-about-tradeoffs

See also "The Accad & Koka Report" at Mises.org/Accad&Koka

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Audio Mises Wire is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/id1352505416
Google Play: https://play.google.com/music/m/Iduao2x6ucqse7ykgvsogvhkr6m?t=Audio_Mises_Wire
Stitcher: https://www.stitcher.com/podcast/mises-institute/audio-mises-wire?refid=stpr
Soundcloud: https://soundcloud.com/misesmedia/sets/audio-mises-wire
and via RSS: https://mises.org/itunes/689

The COVID-19 panic has provided a myriad of opportunities for politicians to exploit the fear and pain of ordinary people for personal profit.

Original article: https://mises.org/wire/crisis-or-opportunity-politicians-its-same-thing

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

How do the shutdowns increase ageism? Because millions have arguably been thrown out of work in the name of protecting the elderly. The resulting economic devastation comes at the expense of younger workers, parents, students, and families.

Original article: https://mises.org/wire/how-covid-19-lockdowns-will-increase-resentment-elderly

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Audio Mises Wire is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/id1352505416
Google Play: https://play.google.com/music/m/Iduao2x6ucqse7ykgvsogvhkr6m?t=Audio_Mises_Wire
Stitcher: https://www.stitcher.com/podcast/mises-institute/audio-mises-wire?refid=stpr
Soundcloud: https://soundcloud.com/misesmedia/sets/audio-mises-wire
and via RSS: https://mises.org/itunes/689

Crashes are fast, like that first hill on a coaster. Recoveries are not, for the simple reason that production is more difficult than destruction.

Original article: https://mises.org/wire/how-bad-it

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

When we talk about entrepreneurial alertness to opportunity, it can sound pretty vague. What exactly does that mean? How is alertness translated into profitable action?

This week’s guest, David Bienstock, provides us with a very precise example. He had just started his media buying services business when a phone call came in.

Show Notes: https://mises.org/library/david-bienstock-business-politics

"David Bienstock’s Logic of Customer-Led Growth" (PDF): Mises.org/E4E_65_PDF

Prices of consumer goods have grown rather slowly in spite of sizable money supply growth. Why is there a gap?

Original article: https://mises.org/wire/why-has-there-been-so-little-consumer-price-inflation

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Audio Mises Wire is also available on...
Apple Podcasts: https://itunes.apple.com/us/podcast/id1352505416
Google Play: https://play.google.com/music/m/Iduao2x6ucqse7ykgvsogvhkr6m?t=Audio_Mises_Wire
Stitcher: https://www.stitcher.com/podcast/mises-institute/audio-mises-wire?refid=stpr
Soundcloud: https://soundcloud.com/misesmedia/sets/audio-mises-wire
and via RSS: https://mises.org/itunes/689

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Created 3 years, 5 months ago.

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CategoryNews & Politics

The Mises Institute is the research and educational center of classical liberalism, libertarian political theory, and the Austrian School of economics.