I don't know if MJ has already read for example Six lessons on mises or Human action also from Ludwig von Mises, but I found many points in common. I believe that ALL entrepreneurs would benefit from knowing the Austrian school (I am not suggesting reading too many books, which would be a fake action), but this knowledge would give a consistency to the defense and importance of capitalism / entrepreneurship.
So here are some introduction theories: The birth of the Austrian school started with an opposition made by the school's founder, Carl Menger, about the Marxist theory of value. Marx said that the value was objective and that there is a value in the production of the worker (The surplus value) and therefore "the capitalist" exploited it. Carl Menger has demonstrated (I will not go into details on this because it would be too long) that the value is determined by a SUBJECTIVE attribution of the individual, and therefore there is no exact value to say that an "exploitation" is taking place. MJ says in Unscripted :
Another Austrian named Eugen von Böhm Bawerk has another brilliant criticism of Marxism / anti-capitalism that has to do mainly with the sacrifices that an entrepreneur must make: The theory of temporal preference. She says that to create greater production in the future, it is necessary to renounce consumption in the present (save), that is ... you must make certain sacrifices to produce and earn more money in the future (preference for future satisfaction in exchange for the present). Every time you invest in your business, you are stopping consuming (buying a car or any crappy product). On the millionare fastlane, MJ says:
We have one of the most notable in the Austrian school (if not the most notable), Ludwig von Mises ... There are many theories and great comments. I’m going to quote one that I believe has more to do with MJ: A person’s wealth is totally caused by the value that an individual produces in meeting a NEED (see how it relates to MJ), all of you you should probably know MJ's phrase "Impact millions" and his own commandment of wealth along with his "value-vouchers".
Finally, I will talk about Hayek with his theory of "knowledge dispersion in society", which is a Critical to the central planning of the State, basically it says that a central entity cannot recognize all the preferences / needs of a society there is not ALL the society itself, with its voluntary exchanges and free entepreneurship for problem solven. MJ doesn't criticize the statism, but indirectly he represents the idea in Unscripted :
I posted this thread because as I said, I believe it adds consistency and value to all people. Entrepreneurship, wealth and capitalism are condemned by SCRIPT (at least in one very leftist country like here in Brazil), so it is important that you know you are with no doubt on the correct side, and even understand what it means and what it takes to be an entrepreneur and accumulate wealth.
So here are some introduction theories: The birth of the Austrian school started with an opposition made by the school's founder, Carl Menger, about the Marxist theory of value. Marx said that the value was objective and that there is a value in the production of the worker (The surplus value) and therefore "the capitalist" exploited it. Carl Menger has demonstrated (I will not go into details on this because it would be too long) that the value is determined by a SUBJECTIVE attribution of the individual, and therefore there is no exact value to say that an "exploitation" is taking place. MJ says in Unscripted :
Another Austrian named Eugen von Böhm Bawerk has another brilliant criticism of Marxism / anti-capitalism that has to do mainly with the sacrifices that an entrepreneur must make: The theory of temporal preference. She says that to create greater production in the future, it is necessary to renounce consumption in the present (save), that is ... you must make certain sacrifices to produce and earn more money in the future (preference for future satisfaction in exchange for the present). Every time you invest in your business, you are stopping consuming (buying a car or any crappy product). On the millionare fastlane, MJ says:
We noticed a resignation that MJ made of the present (pleasure in the moment) to have abundance in the future (financial freedom).
We have one of the most notable in the Austrian school (if not the most notable), Ludwig von Mises ... There are many theories and great comments. I’m going to quote one that I believe has more to do with MJ: A person’s wealth is totally caused by the value that an individual produces in meeting a NEED (see how it relates to MJ), all of you you should probably know MJ's phrase "Impact millions" and his own commandment of wealth along with his "value-vouchers".
Finally, I will talk about Hayek with his theory of "knowledge dispersion in society", which is a Critical to the central planning of the State, basically it says that a central entity cannot recognize all the preferences / needs of a society there is not ALL the society itself, with its voluntary exchanges and free entepreneurship for problem solven. MJ doesn't criticize the statism, but indirectly he represents the idea in Unscripted :
I posted this thread because as I said, I believe it adds consistency and value to all people. Entrepreneurship, wealth and capitalism are condemned by SCRIPT (at least in one very leftist country like here in Brazil), so it is important that you know you are with no doubt on the correct side, and even understand what it means and what it takes to be an entrepreneur and accumulate wealth.
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