The Tom Woods Show, episode 466.

Prepare to set fire to the index card of allowable opinion.

Your daily dose of Liberty Education starts here, the Tom Woods Show.

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Hey everybody, Tom Woods here. Talking about entrepreneurship today, what is entrepreneurship?

And is it something that can be taught? It's a controversial question, and joining us to help

us understand it better is Dr. Matthew McCaffrey. Matt McCaffrey is lecturer in enterprise

at the University of Manchester in England. He previously taught at the University of Illinois

and Auburn University. He is the winner of the 2012

Richard E. Fox Foundation Research Prize and the 2010 Lawrence W. Fertig Prize in Austrian

economics. Matt, welcome to the show. Hi, Tom. Thanks for having me. It seems to me a layman,

really, when it comes to this stuff, that studies in entrepreneurship and entrepreneurship programs of the sort that you are involved in over at the University of Manchester seem to be on the rise, seem to be growing.

There seems to be more interest in it.

Is that a faulty impression,

or am I right about that? Oh, no, that's definitely correct, especially in the last 30 years. There's been just an explosion of interest in entrepreneurship and in entrepreneurship programs,

in universities, in so-called university incubators that try and launch new business ideas and so on.

So there's definitely been a great increase in interest in entrepreneurship.

Now, what exactly is entrepreneurship, both from the point of view of the colloquial usage,

in which we hear the word used, but also in the way the Austrians use the word.

The Austrians have their own unique way of understanding what entrepreneurship is all about,

...