Most people carry around an unexamined belief that goes something like this: profit is what businesses extract from society. The entrepreneur takes. The customer loses. The margin between cost and price is a small act of theft repeated millions of times until someone ends up on a yacht. It is a tidy story. It is […]
The Profit Paradox: Why Making Money is Actually a Social Service Read More »
There is a strange irony at the heart of modern economics. The two great rival camps, socialists and capitalists, have spent over a century screaming at each other about profit. One side says profit is theft. The other says profit is the rightful reward for owning capital. And according to one quietly brilliant economist named
Why Socialists and Capitalists Both Misunderstand the Nature of Profit Read More »
Everyone has walked past a gold mine at some point. The opportunity was there, sitting in plain sight, but we simply did not see it. Later, someone else noticed it and made millions. We slap our foreheads and wonder how we missed something so obvious. Israel Kirzner, an economist who spent decades studying what makes
Israel Kirzner on Why the Most Alert Entrepreneurs are Often “Social Outsiders” Read More »