- Among the many participants during this second period, the then future professors Murray N. Rothbard and Israel M. Kirzner stand out.
Hayek always wished to avoid involvement in politics. Furthermore he considered the role of the intellectual, who must make scientific truth their chief goal in life, to be incompatible with the role of the politician, who is always obliged to yield to the dictates of public opinion to secure votes (Hayek 1991, 45). Hence Hayek believed that in the long term, efforts directed toward convincing intellectuals (thus his great success in founding the classical liberal Mont Pèlerin Society) or influencing public opinion would be much more productive. (Hayek dissuaded Anthony Fisher from entering politics and convinced him that it would be much more useful to create the Institute of Economic Affairs, and later the Atlas Research Foundation, to spread classical liberal ideas throughout the world.) So without the strategic initiatives that Hayek took, it would have been impossible to conceive of the change in public opinion and in the intellectual sphere which led to the fall of the Berlin Wall and to the free market/conservative revolution that took place in the USA under Ronald Reagan and in the UK under Margaret Thatcher, a revolution which has exerted, and continues to exert, such a powerful influence on a worldwide scale.
time preference 是奥地利学派提出来的，非常有意思的概念，企业管理有时候就是协调团队的 time preference，让人的相对随机行为转变为统一协调的行为，从而产生更明显的波峰和波谷，完成个人所难以达到的目标，管理者需要具备调整相关人员 time preference 的能力。
2.从认知的角度理解=in cognitive terms，其中in terms表示“从……角度理解”。
He asserts that economic scientists should always adopt the subjective perspective of the acting human being, and that this perspective should exert a decisive influence on the way in which all economic theories are formulated. Hayek, in reference to this new subjectivist conception Menger proposes, even writes: “It is probably no exaggeration to say that every important advance in economic theory during the last hundred years was a further step in the consistent application of subjectivism.”
9.成功的学术生涯的先决条件=a prerequisite for a successful academic career
Let us suppose that Robinson Crusoe has just arrived on his island and spends his time picking berries from bushes by hand, his only means of subsistence. Each day he devotes all of his efforts to gathering berries, and he picks enough to survive and can even eat a few extra daily. After several weeks on this diet Robinson Crusoe makes the entrepreneurial discovery that with a wooden stick several meters long, he could reach higher and further, strike the bushes with force and gather many more berries in far less time. The only problem is that he estimates it could take him five whole days to find a suitable tree from which to take the stick and then prepare it by removing its branches, leaves and imperfections. During this time he would be compelled to interrupt his berry picking. If he wishes to act on his idea and produce the stick, he will have to somewhat reduce his consumption of berries for a number of days and store the remainder in a basket until he has enough to survive for five days, the predicted duration of the wooden stick’s production process. After planning his action Robinson Crusoe decides to undertake it, and therefore he must first save a portion of the berries he picks by hand each day, thus reducing his consumption by that amount. This clearly represents an inevitable sacrifice, which he nevertheless deems well worth his effort in relation to the goal he longs to achieve. So he decides to reduce his consumption (in other words, to save) for ten days, let us say, while storing his leftover berries in a basket until he has accumulated an amount that he estimates will be sufficient to sustain him while he produces the stick.
In short, the Scholastics of the Spanish Golden Age were able to articulate what would later become the key theoretical principles of the Austrian school of economics, specifically: first, the subjective theory of value (Diego de Covarrubias y Leyva); second, the correct relationship between prices and costs (Luis Saravia de la Calle); third, the dynamic nature of the market and the impossibility of realizing the equilibrium model (Juan de Lugo and Juan de Salas); fourth, the dynamic concept of competition understood as a process of rivalry between sellers (Castillo de Bovadilla and Luis de Molina); fifth, the principle of time preference (rediscovered by Martín de Azpilcueta); sixth, the profoundly distorting effect inflation exerts on the real economy (Juan de Mariana, Diego de Covarrubias and Martín de Azpilcueta); seventh, the critical analysis of fractional-reserve banking (Luis Saravia de la Calla and Martín de Azpilcueta); eighth, the recognition that bank deposits form part of the money supply (Luis de Molina and Juan de Lugo); ninth, the impossibility of organizing society via coercive commands, since the information necessary to give such commands a coordinating quality is lacking (Juan de Mariana); and tenth, the libertarian tradition that all unjustified intervention in the market constitutes a violation of natural law (Juan de Mariana).
It is clear that, just as the difference between the “rich” Robinson Crusoe with the stick and the “poor” Robinson Crusoe without it lay in the capital good the former had obtained through prior saving, the essential difference between rich societies and poor societies does not stem from any greater effort that the former devote to work, nor even from any greater technological knowledge that the former hold. Instead it arises mainly from the fact that rich nations possess a more extensive network of capital goods wisely invested from an entrepreneurial standpoint. These goods consist of machines, tools, computers, software, buildings, semi-manufactured goods and so on, and they exist due to prior saving by the nation’s citizens.
The exercise of entrepreneurship does not require any means. That is to say, entrepreneurship does not entail any costs and is therefore fundamentally creative. This creative aspect of entrepreneurship is embodied in its production of a type of profit which, in a sense, arises out of nothing, and which we shall therefore refer to as pure entrepreneurial profit. To derive entrepreneurial profit one needs no prior means, but only to exercise entrepreneurship well. It is particularly important to emphasize that any act of entrepreneurship brings about three extraordinarily significant effects. First, entrepreneurship creates new information. Second, this information is transmitted throughout the market. Third, the entrepreneurial act teaches each of the economic agents involved to tune their behavior to the needs of the others. These consequences of entrepreneurship, as the authors of the Austrian school have analytically formulated them, are so important that they are worth studying closely one by one.
Jesús Huerta de Soto Ballester (Madrid, 1956) is a Spanish economist of the Austrian School. He is a professor in the Department of Applied Economics at King Juan Carlos University of Madrid, Spain and a Senior Fellow at the Ludwig von Mises Institute.
Huerta de Soto received a bachelor's degree in economics in 1978 and a PhD in economics in 1992, from Complutense University. His MBA in actuarial science is from Stanford University, 1985. In 2000 he became a full professor of Political Economy at Universidad Rey Juan Carlos in Madrid.
Huerta de Soto was Editor of seven volumes of the Spanish language version of the University of Chicago Press's The Collected Works of F.A. Hayek. In that capacity, he was responsible for bibliographies, footnotes, introductions, and hiring translators. He is a member of the editorial board of New Perspectives on Political Economy and on the advisory editorial board of the Journal of Markets and Morality. Huerta de Soto is a Senior Fellow of the Ludwig von Mises Institute and is on the editorial board of its Quarterly Journal of Austrian Economics. He was formerly a Trustee of the Madrid Institute for Advanced Studies (IMDEA) in social sciences and was a vice-president and director of the Mont Pelerin Society from 2000 to 2004.
4.支配语法=dictate a grammar
Another type of knowledge that cannot be articulated and that plays an essential role in the functioning of society is composed of the set of habits, traditions, institutions, and juridical and moral rules that comprise the law that make society possible, and that human beings learn to follow, though we cannot articulate in detail nor theorize about the precise functions that these rules and institutions perform in the various situations and social processes in which they are involved.
7.阻止和消除饥饿=stem and eradicate hunger
The great merit of the Austrians is to have demonstrated that it is perfectly possible to develop the entire corpus of economic theory in a logical manner, while introducing the concepts of time and creativity (praxeology); that is, without any need of functions nor assumptions of constancy which do not fit in with the creative nature of human beings, who are the only true protagonists of social processes, the object of research in economics.
10.诠释语言的基本结构=unfold the fundamental structure of a language
Luis Saravia de la Calle, who was the first to shed light on the true relationship between prices and costs in the market. Saravia de la Calle asserted that in any case, costs tend to follow prices and not vice versa. Thus he was before his time in exposing the errors of the objective theory of value, which the theorists of the English classical school would later develop, and which would provide the foundation for the exploitation theory of Karl Marx and his socialist successors. In his work, Instrucción de mercaderes (Instruction to Merchants), published in Spanish in Medina del Campo around the year 1544, Saravia de la Calle writes: Those who gauge the just price of an article by the labor, costs, and risks borne by the person who deals in or produces the merchandise are seriously mistaken; for the just price springs from the abundance or lack of goods, merchants, and money, and not from costs, labor, and risks. (Saravia de la Calle 1949, 53)
et us bear in mind that it fully agrees with the original etymological meaning of the word “enterprise” (empresa in Spanish). Indeed both the Spanish word empresa and the French and English word entrepreneur derive etymologically from the Latin verb in prehendo-endi-ensum, which means “to discover, to see, to perceive, to realize, to capture”; and the Latin term in prehensa clearly implies action and means “to take, to seize”. In short, empresa is synonymous with action
1.各种令人眼花缭乱的食物=the bewildering variety of foods，其中variety表示“种类，多样性”。
Each entrepreneurial act entails the ex nihilo creation of new information or knowledge. This creation takes place in the mind of the person who initially exercises entrepreneurship. Indeed when a person we shall call “C” realizes that a profit opportunity exists, new information is created in his mind. Furthermore once “C” takes action and contacts, for instance, “A” and “B”, and buys cheaply from “B” a resource that “B” has too much of and then sells it at a higher price to “A”, who needs it urgently, new information is also created in the minds of “A” and “B”. “A” realizes that the resource she lacked and needed so desperately to accomplish her end is available elsewhere in the market in greater quantities than she had thought, and that therefore she can now readily undertake the action she had not initiated before due to the absence of this resource. For his part, “B” realizes that the resource he so abundantly possesses yet did not value is keenly desired by other people, and that therefore he should save and protect it, since he can sell it at a good price.
8.某事由某人做出=something is initiated by somebody
In this book Mariana plunges into a true Austrian-style analysis concerning the impossibility, due to a lack of information, that a government could organize civil society based on coercive commands. Indeed it is impossible for the state to obtain the information it needs to give a coordinating quality to its commands, and therefore its intervention tends to cause disorder and chaos. Thus, with reference to government, Mariana states: “It is a grave mistake for the blind to wish to lead the sighted.” He adds that the authorities “do not know the people, nor the events, at least in terms of all of their circumstances, upon which success depends. Inevitably they will commit many serious errors, and people will be troubled as a result and will scorn such a blind government.” Mariana concludes that “power and command are mad” and when “there are too many laws, as they cannot all be followed, or even known, respect is lost for all of them”