Purpose – The purpose of this paper is to clarify definitions in economics. Design/methodology/approach – To apply the insights of Austrian economics to terms widely used in the profession. Findings – The authors find that the Austrian approach brings clarification to communication....

Purpose – Profits have a bad press. They are associated in the public mind with greed, avarice, self-seeking. The purpose of this paper is to make the case in behalf of profit-seeking, so as to right the balance of publications on this topic. Design/methodology/approach – The authors...