A very nice pro-market commentary by Richard W. Rahn came out in today’s Washington Times praising The Science of Success, a book covering “Charles Koch, who, along with his brother, David, built this massive and very successful enterprise — which includes petroleum refining, chemicals, fibers and carpets, fertilizers, building materials, paper products and financial services, etc.”
More from the commentary:
What is the world’s largest private company and how did it get that way? The company is Koch Industries…The book [The Science of Success] describes how Mr. Koch, through trial and error, and applying the insights of great economists, such as Ludwig von Mises, Friedrich Hayek and others, was able to develop what he calls “market-based management” (MBM).
As an economist and former graduate business school professor and businessman, I am familiar with many of the thinkers Mr. Koch refers to in developing his own success model. But as I thought more about his management model, I realized he is also proving, once again, why well-managed companies will always do a more cost-effective and customer-satisfying job than government.
A few inconsistencies aside about alleged government efficiency, this is a heartening part of a trend in the mainstream news to show how markets work and governments fail, as well as giving more recognition to the great Austrians. It’s truly nice to see the productive members of society, and not the parasites that burden themselves upon it, get attention.