Occupational licensing may increase quality for some higher income customers. But licensing increases monopoly power for dominant firms while driving lower-income customers out of the marketplace.

Private prisons are private in name only. They are merely adjuncts of the state, and the real problem is these prisons warehouse many people the state should not have put in prison in the first place.

Even if laws against slander and libel appear good in theory, in practice they are all too often used by the powerful to silence the weak. A respect for free speech demands defamation laws be kept very weak.

With the robust understanding of the market process that the Austrians are able to provide, business students, future entrepreneurs, and business professionals will be better prepared to operate their businesses and to better understand their consumers, competitors, and their macro environment.