Even liberal Hollywood likes Austrian Economics

This video is all the celebrities saying what invention they think is most important. Of course, as I have mentioned before, Austrian economic is focused on that entrepreneur.

This figure acts in society by seeing inefficiencies in the market and tries to innovate to capture those potential profits.

Take the iPod for example which was used in this video. Steve Jobs and his team of experts decided that carrying CDs around were too inefficient. He believed the Walkman was too big. There were some MP3 players out there but not good enough for Apple. They then decided to create something that would revolutionize the industry of computers and handheld players.

Batteries now last longer, you no longer have to carry CDs around, and you have a interface on your computer that allows you to download musically both easily and legally. Of course this is beginning to change with the iPod touch, were you can wirelessly download music directly.

Everyday innovations are happening and history is full of them. Some successful and others that were not. It is were wealth is created.

Next time instead of buying a lottery ticket try to invent something.

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Published in: on March 20, 2008 at 3:17 am  Leave a Comment  

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