Utopia, you are standing in it!

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Known but yet to be exploited opportunities for profit do not last long in competitive markets, including hitherto unnoticed opportunities for the greater utilisation and development of skills and experience (Hakes and Sauer 2006, 2007; Ryoo and Rosen 2004; and Kirzner 1992). Moneyball is the classic example of entrepreneurial alertness to hitherto unexploited job skills …

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Mercedes and BMW drivers trapped in lease contracts, rather than buying their cars with cash or credit Individuals trapped in wage and salary contracts, rather than raising the capital, arranging the inputs, and bearing the uncertainties to be sole proprietors Companies trapped in outsourcing agreements, rather than owning all upstream and downstream production processes directly, …

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Entrepreneurs often do not know why they survived in competition. George Stigler in his autobiography told this wonderful story about how you could not get businessmen to admit in a survey that they maximise profits. You go to their office and asked them: Do they maximise profits? Their answer would be, of course, not. I …

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Eugene Fama divides firms into two types:  the managerial firm,  and the entrepreneurial firm. The owners of a managerial firm advance, withdraw, and redeploy capital, carry the residual investment risks of ownership and have the ultimate decision making rights over the fate of the firm (Klein 1999; Foss and Lien 2010; Fama 1980; Fama and …

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One constraint on the growth of any firm is entrepreneurs have a limited span of control (Coase 1937; Williamson 1967, Lucas 1978; Oi 1983a, 1983b). A span of control is the number of subordinates that an individual supervisor has to control and lead either directly or through a hierarchical managerial chain (Fox 2009). There are …

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Celebrating humanity's flourishing through the spread of capitalism and the rule of law

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Celebrating humanity's flourishing through the spread of capitalism and the rule of law

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Celebrating humanity's flourishing through the spread of capitalism and the rule of law

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Celebrating humanity's flourishing through the spread of capitalism and the rule of law

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