Entrepreneurship | Peter Klein

For the Austrians, Peter Klein argues, entrepreneurs aren't niche figures from the world of startups and venture capital—they're the driving force of the entire market. Following Mises, Klein defines entrepreneurship as the bearing of uncertainty: the act of combining land, labor, and capital in advance of an unknown payoff. It's not a personality trait or an industry, but a fundamental category of human action. Recorded at the Mises Institute in Auburn, Alabama, on July 20, 2026. Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream. 0:00 Introduction 1:18 How Mainstream Economics Treats Entrepreneurs 6:48 The Austrian View: Entrepreneurship as Human Action 11:06 Mises: "Impossible to Eliminate the Entrepreneur" 16:43 Austrian Production Theory: The Coffee Example 21:18 Production Takes Time and Implies Uncertainty 24:55 The Theory of Imputation: Value Flows Backward 29:00 Competition, the ERE, and the Conditions for Profit 32:24 Introducing Uncertainty: Pure Profit and Loss 37:47 The Profit and Loss System and Entrepreneurial Judgment Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics at https://Mises.org​​. X ► https://x.com/mises/ Facebook ►   / mises.institute   Instagram ►   / misesinstitute   SoundCloud ►   / misesmedia   Apple Podcasts ► https://podcasts.apple.com/us/artist/... Rumble ► https://rumble.com/c/c-2212754 Odysee ► https://odysee.com/@mises/ Podcasts ► https://mises.org/podcasts