Insights into the Financial Crisis
In this post, we highlight a few popular level resources for gaining a deeper understanding of the financial crisis and its aftermath. The Bubble, a documentary examining the financial crisis, will be arriving shortly. Fraud: Why the Great Recession features Jesus Huerta deSoto and Philip Bagus and is already available. Learn “real history and economics” […]
What are Capital Goods?
In chapter 5 of Organizing Entrepreneurial Judgment, Nicolai Foss and Peter Klein articulate the real nature of capital goods. They explain how the treatment of capital goods has varied among different schools of economic thought as well as the implications for the firm and the entrepreneur resulting from differing conceptions of capital goods. Foss and […]
What is Entrepreneurial Judgment?
Nicolai Foss and Peter Klein give a full overview of judgment in chapter 4 of their book Organizing Entrepreneurial Judgment. Foss and Klein present an overview of the economic literature which treats entrepreneurship as judgment and proceed to flesh out the attributes of judgment. They conclude the chapter by suggesting that investments should be the […]
Entrepreneurship: From Opportunity Discovery to Judgment
Chapter three of Nicolai Foss and Peter Klein’s book Organizing Entrepreneurial Judgment: A New Approach to the Firm takes a detailed look at the opportunity discovery view of entrepreneurship put forth by Kirzner (as we discussed in part 2 yesterday) and compares and contrasts it with the views of those in the Austrian School of economics. […]
What is Entrepreneurship?
Foss and Klein dedicate the second chapter of their book Organizing Entrepreneurial Judgment: A New Approach to the Firm to putting forth the best definition of entrepreneurship. Although entrepreneurship studies is one of the fastest growing fields in colleges and universities around the world, FK argue that there is still much work to be done in […]
The Need for an Entrepreneurial Theory of the Firm
Throughout the next couple of weeks I will be blogging through the book Organizing Entrepreneurial Judgment: A New Approach to the Firm by Nicolai Foss and Peter Klein. I am hard pressed to think of a more fitting time for this book to be read. The book’s aim is to integrate the study of entrepreneurship […]
The Real Problem with Barclays
If you’ve been following the news lately then you have probably heard something about Barclays and interest rate fixing. Barclays is a massive banking corporation based in the UK with a large world-wide presence. By ‘interest-fixing’ financial commentators mean Barclay’s lied about the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). These […]
Harry Reid’s Olympic-Sized Fallacy
Senate Majority leader Harry Reid thinks that the U.S. Olympic Team’s uniforms—made in China as they were—deserve to be burned. He reasons that we have an abundance of unemployed textile workers in this country—why shouldn’t we take advantage of them to manufacture the Olympics uniforms? Wouldn’t that put these Americans back to work? There are […]
The Triumph of South Park Economics? (part 2)
As the title indicates, this post is the follow up to a previous post. I recommend reading it before jumping into this one. Enter Stan Marsh, just trying to return his family’s margarita maker. If there is any redemptive part of “Margaritaville” it is here. First Stan attempts to return it to the retailer. The […]
The Failure of South Park Economics (part 1)
In a previous post, I lauded the economic lessons of South Park’s “Cash for Gold” episode. In this post, I must reverse my praise for the economics in an earlier episode, “Margaritaville.” The episode originally aired in early 2009 amid intense public debates over the global financial crisis. The episode took on the cornucopia of public opinions […]