What Is Entrepreneurship?
The capitalist-entrepreneur buys factors or factor services in the present; his product must be sold in the future. He is always on the alert, then, for discrepancies, for areas where he can earn more than the going rate of interest. Suppose the interest rate is 5 percent; Jones can buy a certain combination of factors for 100 ounces; he believes that he can use this agglomeration to sell a product after two years for 120 ounces.
The entrepreneur finds congested spots and inserts a
Rothbard was too late to the scene, and like many economists of his time, he forgets that one has to create interest charges by first, by demonstrating sustainability. And in reality, none of Rothard's entrepreneurs does what he claims. Almost all of them serach for or find congestion and work that problem right away, possible with high risk VC money, or many times just out of a barter situation.
It is time to quit adoring ancient Godots, move on, the science has advanced terribly since Rothbard's time.
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