One of the greatest and most joyful challenges of adult life is to develop skills that make the people around us better off with us than without us. Integrity is a key part of that challenge. We are social animals, aiming not simply to trade but to make a place for ourselves in a community. You don't want to have to pretend that you feel proud of fooling your customers into believing you could be trusted.The ethical question is: how do people have to live in order to make the world a better place with them than without them?The economic question is: what kind of society makes people willing and able to use their talents in a way that is good for them and for the people around them?The entrepreneurial question is: what does it take to show up in the marketplace with something that can take your community to a different level?In this book, the authors discuss the connections between the ethical, economic, and entrepreneurial dimensions of a life well-lived.

Ethics, Economy, and EntrepreneurshipWhy Ethics?Why Economy?Why Entrepreneurship?Part 1: Key ConceptTradeResourcesCostInstitutionsValuePart 2: ProgressAdam Smith on ProgressTransaction Cost and ProgressCommerce and ProgressProduction Possibilities FrontierWhat Seems Like ProgressPart 3: Understanding TradeConditions for TradeComparative AdvantageDivision of LaborBuyersSellersA Market: Supply and DemandA Market Responds: Price and QuantityEconomic SurplusPrice Signals and Spontaneous OrderPrice ControlsEconomic Science: Putting Theory to the TestProgress and Wealth CreationPart 4: Trust, Agency, and BystandersPrincipal-Agent FrameworkCost to BystandersCompetitors are not BystandersThe Logic of the CommonsEnvironmental TragediesPropertyParcelsCommunal PropertyTrustBenefits for BystandersMarket PowerMonopoly PowerMonopsony PowerInternational Trade and Trade ProtectionWhat Should Not be for SalePart 5: Management of a Commercial SocietyFinancial InstitutionsFractional Reserve BankingMeasuring EconomiesGross Domestic Product (GDP)Unemployment RateMeasuring the Price LevelFiscal PolicyMonetary PolicyPublic ChoiceCorruptionPart 6: Personal and Business FinanceAccounting BasicsCompound GrowthSaving, Borrowing, and InvestingMarketing FundamentalsInsuranceBreak-Even AnalysisBudgetingFinancial ManagementPart 7: Innovation and EntrepreneurshipKnowledge DiscoveryIt Takes More than IdeasWhat Innovation Looks LikeEntry, Exit, and the Role of ProfitCreative DestructionEntrepreneurs as Resource IntegratorsEntrepreneurship as a ProcessMarkets Don¿t ExistCompetitive Advantage - The Dynamics of Remaining ViableThe Big ErrorsThe Entrepreneur and Self-Assessment