Quotation of the Day…

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… is from page ix of Weiying Zhang’s 2024 book, Re-Understanding Entrepreneurship:

The entrepreneur is the key player in the market. However, entrepreneurship is totally absent from mainstream market economics. Neoclassical economics is a market theory without entrepreneurship. This misconception of the market distorts our understanding of the real market economy, leading to a theory of market failure that forms the common foundation of various government interventions. Once entrepreneurship in the market is correctly understood, so-called market failure is nothing but a failure of market theory, and the foundation of government intervention is undermined.