Entrepreneurs exercise a uniquely human form of imagination, based on unique knowledge that only they possess. They imagine a state of affairs that does not exist today, that they believe they can bring to fruition in the future as a result of their own actions. This is not the extrapolation of existing data. This is creativity
About Hunter Hastings
Hunter Hastings is the Executive Director at Center for Individualism. He's an economist, venture capitalist, and lifelong advocate for liberty, economic freedom, and individual entrepreneurship.
Hunter’s current research is focused on the intersection of 21st century individualism, emerging technology and the radical decentralization that is freeing markets and creating a new spectrum of individual opportunity. His newest book is The Interconnected Individual, co-authored with Jeff Saperstein, to be published by Business Expert Press in 2018.
Entries by Hunter Hastings
What if the opportunity does not “exist”? What if the entrepreneur’s contribution is to create it?
Entrepreneurs are creative. They find new ideas, either in their own heads or from others. They will gather and assess all the ideas, test the ones with most promise, measure the outcomes, and advance the ones with best results.
In the division of labor, we each want to demonstrate that we can provide better service to others and be worthy of our hire. This is how individuals find their own level.
Progressives’ goal is the entire reconstruction of society, and their views are a threat to civilization, says Hayek. Conservatives err when they try to maintain their own personal standing within the existing order without resisting this anti-civilizational crusade.
A real push is also necessary in the economics trade itself. The most important step to put markets where they belong—in first place in the economic discussion. The greatest hope lies in the fostering of new institutions that will, in turn, nurture economics thinkers who dare to acknowledge the merits of markets.
There’s a new measurement of economic activity called Gross Output. GO measures spending throughout the entire production process, at every entrepreneurial stage. This is consistent with economic growth theory – entrepreneurs drive growth.
What exactly do entrepreneurs do to steer the economic ship? The founder of the Austrian School, Carl Menger, had defined this very precisely in his 1871 book, Principles Of Economics. (We’ve known this stuff for a long time.)
In the market, the individual takes the risk to find out if the results of his or her efforts create value for others, both moral and commercial. Everyone does their best, and the preferences of consumers tell producers what to produce more of and less of.
What if we had a President whose brand was built around the promise of being the best person he could, and helping all Americans to be the most productive they could be, and helping the country to achieve peak performance, focusing on the most important contributory factors and eschewing the political distractions that get in the way? What if any politician were to build such a brand and make such a commitment? It would be nice if one of them read Tom Brady’s book and reflected on the difference between personal peak performance and political performance.
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