Competition and Entrepreneurship

Walter E. Block and Ivan Jankovic
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Walter E. Block: Loyola University New Orleans
Ivan Jankovic: University of Mary

Chapter 7 in Action and Choice, 2022, pp 105-120 from Springer

Abstract: Abstract It is often claimed that capitalism is a system based on profit. That’s only partially correct, i.e. it is incomplete. Namely, capitalism is based not only on profit but on both profit and loss. Profit without loss does not work; together they sure that society’s scarce resources are used efficiently. How do profit and loss, together, perform this critically important function?

Date: 2022
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DOI: 10.1007/978-981-19-3751-4_7

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