Fostering a speedy recovery from the current economic crisis in Chile depends on freeing up entrepreneurs and others to act freely and create wealth in the marketplace.
Understanding the Austrian school view of economic action and entrepreneurship holds the key to understanding the way out of the crisis.
Prices reflect the historical relationships of exchanges that help human minds make a rational economic calculation, that is, the subjective estimate that people in monetary units make about the possible results of their actions.
The economic calculation is reflected in accounting and expectations, which serve as a guide for entrepreneurs on what to produce, how to produce, and in what quantity.
Economic progress is the expansion of alternatives open to people.
The increase in previous voluntary savings fosters economic progress.
The more intensive production of capital goods gives rise to more accessible technologies to meet the requirements of people.
https://mises.org/wire/three-ways-speed-recovery-economic-crisis
Understanding the Austrian school view of economic action and entrepreneurship holds the key to understanding the way out of the crisis.
Prices reflect the historical relationships of exchanges that help human minds make a rational economic calculation, that is, the subjective estimate that people in monetary units make about the possible results of their actions.
The economic calculation is reflected in accounting and expectations, which serve as a guide for entrepreneurs on what to produce, how to produce, and in what quantity.
Economic progress is the expansion of alternatives open to people.
The increase in previous voluntary savings fosters economic progress.
The more intensive production of capital goods gives rise to more accessible technologies to meet the requirements of people.
https://mises.org/wire/three-ways-speed-recovery-economic-crisis
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