Human Action and Entrepreneurship

We will begin by studying entrepreneurship. Entrepreneurship is the pivotal concept around which all economic science revolves. If we do not grasp the concept, nature, and characteristics of entrepreneurship, we cannot possibly grasp anything in economics. As I was explaining to you the other day, economics is the science that studies the processes of creation and transmission of entrepreneurial knowledge. The processes of communicating the information human beings generate when they act. This is a special type of knowledge which has distinctive characteristics and is transmitted or communicated in a certain way through market processes. This communication takes place spontaneously, without anyone directing it from above. We will be astonished by the effects of this. Furthermore, understanding the very entrepreneurial nature of human beings is vital for each and every one of us. Let us embark on this now.