Posts tagged with: entrepreneurship

Blog author: dpahman
Thursday, September 24, 2015

Today at the Library of Law and Liberty, I take a cue from probablist Nassim Nicholas Taleb and call for the commemoration of a National Entrepreneurs Day:

One has been proposed in the U.S. House of Representatives, and probabilist Nassim Taleb has given us a fully developed argument as to why we should have one. I second the motion. In Antifragile, his 2012 book, Taleb confesses that he is “an ingrate toward the man whose overconfidence caused him to open a restaurant and fail, enjoying my nice meal while he is probably eating canned tuna.”

This lack of gratitude is a moral failing of all of us in modern society, says Taleb. Hence his idea:

In order to progress, modern society should be treating ruined entrepreneurs in the same way we honor dead soldiers, perhaps not with as much honor, but using the exact same logic. . . . For there is no such thing as a failed soldier, dead or alive (unless he acted in a cowardly manner)—likewise, there is no such thing as a failed entrepreneur or failed scientific researcher.


francisgmo62815“Defending capitalism on practical grounds is easy,” writes economist Donald Boudreaux at the Mercatus Center. “It is history’s greatest force for raising the living standards of the masses.”

What’s more difficult, it seems, is understanding its moral logic, spiritual implications, and which of each is or isn’t inherent to private ownership and economic exchange.

At what level, for instance, is freely buying a gallon of milk at a freely agreed-to price from a freely employed worker at an independent grocery store an act of sin, idolatry, and exploitation? Such basic transactions are, after all, the bread and butter of a system built on free enterprise and open exchange (i.e. capitalism). From here, it gets more complicated, of course, and even that basic starting point can surely involve corrupt actors and action.

Yet even Pope Francis, discernor of the discerning, seems to struggle in locating Point A of that basic logic, even when railing against its banner. I tend to presume that basic milk purchases are not, in fact, his actual target. But then he continues and without qualification, railing against markets at large and ripping at plenty of positives that dangle well outside the deserving injustices of cronyist corporatism.

The Pope prefers to argue not that capitalism “has its faults” or “demands a virtuous society,” but rather that it is a “new tyranny,” one that followed the ills of communism, but filled the void with something just as tragic. (more…)

DeKoster-3-dimensions-of-workLester DeKoster’s short book, Work: The Meaning of Your Life, sets forth a profound thesis and solid theological framework for how we think about work.

Although the faith and work movement has delivered a host of books and resources on the topic, DeKoster’s book stands out for its bite and balance. It is remarkably concise, and yet sets forth a holistic vision that considers the multiple implications of the Christian life.

The book was recently re-issued, along with the new afterword by Greg Forster. In it, Forster outlines DeKoster’s underlying framework, which “invites us to view work as a complex, three-dimensional reality.” Each of these dimensions is summarized as follows (quoted directly from Forster).

1. Objective-Subjective

One dimension of our work is defined by the distinction between objective and subjective. No matter how pious your feelings about it are, it still matters to God whether your work is actually having a beneficial effect on other people. At the same time, human dignity and the shaping of the self for God can only be lived out if we do our work with the right sense of identity and motives. We see this dimension most clearly in DeKoster’s twofold understanding of God’s presence in our work—that we love God in our work by serving our neighbor (objectively) and shaping ourselves (subjectively).


lesmis4The media is buzzing with chatter about immigration and the heartbreaking refugee crisis in the Middle East. Yet even as we learn more about the types of suffering and oppression that these people are fleeing, the temptation to look inward remains.

All of these cases involve a range of complex considerations, to be sure. But in a nation as big and as prosperous as ours, we should find it easier than most to err on the side of welcoming the stranger. Further, as citizens of a country whose success is so deeply rooted in the entrepreneurial efforts and exploits of immigrants and escapees, we ought to understand the profound value and creative capacity of all humankind, regardless of degree or pedigree.

But even before and beyond all that, as Christians, we offer a type of justice that so clearly begins with love of God and neighbor. Ours is an approach that recognizes the importance of rightly ordered relationships, and as with all relationships, that means an embrace of vulnerability and struggle and imagination. Ours is an ethic that relishes in the risk of sacrifice and is willing to deny our man-made priorities of security and comfortability. All that but one might be saved.

This doesn’t mean that we ignore or bypass considerations of political prudence, the rule of law, and the various practical constraints of any free and orderly society. But it does mean that our hearts, hands, and words ought to reflect a basic motivation of love, mercy, and hospitality. For the Christian, building a wall might be the right and just policy outcome for a particular situation, but it ought not be our shining characteristic. (more…)

Israel M. Kirzner

While reading economist (and rabbi) Israel M. Kirzner’s Competition & Entrepreneurship (1973), it occurred to me that his description of what the “pure entrepreneur” does could also be applied to what a good interdisciplinary scholar, such as someone who studies faith and economics, does (or at least aspires to do).

In our world of imperfect knowledge, Kirzner writes,

there are likely to exist, at any given time, a multitude of opportunities that have not yet been taken advantage of. Sellers my have sold for prices lower than the prices which were in fact obtainable…. Buyers may have bought for prices higher than the lowest prices needed to secure what they are buying…. The existence of these opportunities opens up a scope for decision-making that does not depend, in principle, upon Robbinsian [means-end] economizing at all. What our decision maker without means needs to arrive at the best decision is simply to know where these unexploited opportunities exist. All he needs is to discover where buyers have been paying too much and where sellers have been receiving too little and to bridge the gap by offering to buy for a little more and to sell for a little less. To discover these unexploited opportunities requires alertness. Calculation will not help, and economizing and optimizing will not of themselves yield this knowledge.

To simplify, for Kirzner the entrepreneur is an equilibrating force in the market, a contrast of emphasis from the conception of Joseph Schumpeter, where the entrepreneur is a disequilibrating force through creative destruction. Rather, for Kirzner, the entrepreneur is the person who sees the opportunity to buy low and sell high. And I think that is what interdisciplinary scholars do at their best as well. (more…)

Blog author: jsunde
Wednesday, September 2, 2015

creativity-capitalism-money-crashCapitalism is routinely castigated as an enemy of the arts, with much of the finger-pointing bent toward monsters of profit and efficiency. Other critiques take aim at more systemic features, fearing that the type of industrialization that markets sometimes tend toward will inevitably detach artists from healthy social contexts, sucking dry any potential for flourishing as a result.

But what if the opposite is true? I offer the argument over at The Federalist.

Free economies introduce their own unique challenges for artists and consumers alike. We are justified in cringing at the array of bottom-dollar record-company execs and merchandising-obsessed Hollywood crackpots (though I will always prefer their ilk to your run-of-the-mill Commissar of the Arts). But the increases in economic empowerment that have led to these many marketing machines have also led to plenty of artistic empowerment in turn.

In an article for New York Times Magazine, Steven Johnson reinforces this very point, observing that the many apocalyptic prophecies about arts in the digital age have not quite manifested. “In the digital economy, it was supposed to be impossible to make money by making art,” he writes. “Instead, creative careers are thriving — but in complicated and unexpected ways.” (more…)

kivaDo you recognize the name Jessica Jackley? What about Kiva? Jackley is the young woman who started Kiva in 2005. Kiva, a crowdfunding site, asks not simply for donations, but for micro-loans. To date, Kiva has facilitated $730 million in loans in 83 countries, funding entrepreneurs in agriculture, clothing manufacturing, and transportation, just to name a few areas of endeavor.

In an interview with Christianity Today, Jackley discusses her new book, Clay Water Brick: Finding Inspiration from Entrepreneurs Who Do the Most with the Least, her faith and her work.

When asked about “the poor you will always have with you” (Matt. 26:11) and how she interprets that, Jackley replies:

I know now that the story behind it is more than what I imagined as a child. I used to imagine a long line of poor people following me around everywhere, which terrified me. But the idea that there will always be need—in every one of us—makes more sense to me today. There are different kinds of poverty, including spiritual poverty, relational poverty, and emotional poverty. There are needs we all encounter as human beings; we all experience poverty at some point in our lives. Need is universal.