The Real Engine of Capitalism: Entrepreneurs

In Round 4 of Wrestling with Economics, Matt Kibbe and Glenn Jacobs — Knox County Mayor and former WWE wrestler — explore the pivotal role entrepreneurs play in shaping and driving the economy. As Austrian economist Ludwig von Mises observed, entrepreneurs aren’t just trend followers — they have a rare ability to anticipate needs consumers don’t yet recognize. When Steve Jobs envisioned the iPhone, no one was demanding it — yet today it’s hard to imagine life without it. Entrepreneurs fuel innovation in both technology and organization, but their success depends on the freedom to experiment, take risks, and sometimes fail. That’s why the Austrian School champions getting out of the way and letting the marketplace decide which ideas rise or fall.