Tuesday, September 29, 2009

Misesian Definition of an Entrepreneur et al

Mises defines our functions as follows:

In the context of economic theory the meaning of
the terms concerned is this: Entrepreneur means
acting man in regard to the changes occurring in the
data of the market. Capitalist and landowner mean
acting man in regard to the changes in value and
price which, even with all the market data remaining
equal, are brought about by the mere passing of
time as a consequence of the different valuation of
present goods and of future goods. Worker means
man in regard to the employment of the factor of
production human labor. (Human Action)

as cited in p104 of Economics for Real People

Emphases are mine.

Posted via web from Elevic Pernis @ Posterous

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