Noticeably absent from the list of worthy citizens who were acknowledged in the Australia Day honours were the entrepreneurs. Entrepreneurial talent is scarce; not everyone wants to take the risks; not everyone has the ability or inclination. Yet it is an essential element in our prosperity. The role of the entrepreneur is crucial - not only to correct disequilibria in the market place but to discover opportunities. We need to admire those who risk their capital, their t

In Australia, over the past fifty years, average household income, in constant prices, more than doubled. We live in one of the freest...