[This article is excerpted from chapter 15 of Human Action.  This article follows "The Market, Part 1."] 8. Entrepreneurial Profit and Loss Profit, in a broader sense, is the gain derived from action; it is the increase in satisfaction (decrease in uneasiness)

Cheap money in the last decade has meant good times for companies that barely make money and hire employees who barely work. But those times are now ending.  Original Article: "Without Easy Money, the Tech Sector Faces Layoffs and Losses" This Audio Mises Wire is

Ours is an age of the progressive expert who nearly always is wrong but still is embraced by progressive politicians, the media, and academe. Original Article: "Are Progressive "Experts" Fallible? Yes, But Don't Tell Them That" This Audio Mises Wire is generously sponsored by

One might assume that new rounds of monetary stimulus will bring new peaks in housing construction, reversing the ongoing housing shortage.  That hasn't happened. Original Article: "The Housing Boom Is Already Over. The Housing Shortage Will Continue." This Audio Mises Wire is generously sponsored by

As of 2022 the national student debt reached $1.6 trillion with the average student loan debt at about $28,000. Many former college students are discovering it is difficult to pay back such a large amount of debt. This is especially

Prominent Democrats, including President Joe Biden, have repeatedly expressed interest in reinstating a federal assault weapons ban. Biden himself included an assault weapon ban in his 1994 crime bill, which lasted ten years until its expiration in 2004. Biden has

[Editor's Note: In this very important chapter 15 of Human Action (the first half of which is presented here), Mises explains what the market really is - a process where millions of individuals interact through voluntary exchanges - and how

The Federal Reserve has not only mismanaged the US economy; even its own "portfolio" is underwater. Original Article: "In the Red: The Federal Reserve’s Portfolio Joins the Rest of the Market" This Audio Mises Wire is generously sponsored by Christopher Condon. 

The US trade and tech wars against China continued under President Joe Biden, who escalated export controls related to technology. The US wants to cut China’s access to advanced semiconductors and the equipment used to manufacture them in order to

In recent decades, proposals for a universal basic income (UBI) have aroused a good deal of attention, but supporters of the free market have for the most part been averse to the idea. In his article “A Hayekian Case for