Mises Quote of the Day

15 July 2010 at 11:25 am 4 comments

| Peter Klein |

From Human Action, chapter 15, section 11 (via JGL):

In order to succeed in business a man does not need a degree from a school of business administration. These schools train the subalterns for routine jobs. They certainly do not train entrepreneurs. An entrepreneur cannot be trained. A man becomes an entrepreneur in seizing an opportunity and filling the gap. No special education is required for such a display of keen judgment, foresight, and energy. The most successful businessmen were often uneducated when measured by the scholastic standards of the teaching profession. But they were equal to their social function of adjusting production to the most urgent demand. Because of these merits the consumers chose them for business leadership.

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Entry filed under: - Klein -, Austrian Economics, Education.

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4 Comments Add your own

  • 1. fabiorojas  |  16 July 2010 at 1:14 pm

    So, um, Peter, are you quitting your job?

  • 2. Peter Klein  |  16 July 2010 at 1:52 pm

    No way — somebody has to train the subalterns!

  • 3. srp  |  16 July 2010 at 6:56 pm

    I’ve always liked McCloskey’s analogy with literature: Businesspeople are like writers and economists (and management school types) are like critics. Having great critical theory or judgment is not that predictive of writing ability–and vice versa. Some people are good at both, of course, but there may be not much actual connection between those two parts of their brain.

  • 4. Kan utbildning ge entreprenörer? « Nonicoclolasos  |  26 July 2010 at 10:22 pm

    […] Peter Klein. Se även inläggen ”Thatcher mer insiktsfull än många ekonomer”, […]

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