Austrian economists Ludwig von Mises, Friedrich A. Hayek, and Israel Kirzner have argued that the market is a process. More specifically it is a process of entrepreneurial alertness and discovery. The role of the entrepreneur is anticipating what it is that consumers will desire, and coordinating the use of the means of production towards that end.
Today President Obama is meeting with three well known entrepreneurs Steve Jobs of Apple, Eric Schmidt of Google, and Mark Zuckerberg of Facebook. According to Bloomberg "The president will discuss the U.S. economy and job creation with the executives as he promotes the $3.7 trillion budget he released this week that aims to keep up government funding for education and research."
I am not sure what these men will tell President Obama about his budget, but I find it interesting that these are now all successful private companies that innovated and used their entrepreneurial abilities to get ahead and it was the private market that adopted and made their products successful not government.
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