Entrepreneurial action occurs in time. This brings uncertainty, because of continuous change. We can’t know what will be our future result, yet we must produce now in order to discover it. Are there answers to this conundrum? Yes. They’re found in action, and the timing of action. Mark Packard joins the Economics For Business podcast to share his research.
About Hunter Hastings
Hi, Hunter Hastings here - I'm an economist by education, a marketer in my professional track, a venture capitalist in my current business life, an Individualist in philosophy, and a passionate supporter of entrepreneurship in whatever form I can practice it, support it and advance it.
What is fairness? Economically, it’s the freedom of each individual to exercise their innate entrepreneurial ability to spot opportunities and create new ideas and solutions.
Understanding The Unrealized requires us as entrepreneurial businesspeople to think better, and to resist settling for what is merely feasible in a regulated, risk-mitigated world. We must ask what could be possible in a different world, and act on that basis. Sound economics supports such action. Per Bylund takes us through his thinking about The Unrealized.
Steve Denning explains how mainstream economics doesn’t understand technological change. Austrian economics, on the other hand, has always explained and embraced technology’s dynamics.
Austrian economics has a lot to say about how to organize firms for maximum value generation. Austrian principles point to the delegation of entrepreneurial judgement to the front-line employees who interact directly with those who actually create value: users.
Compounding in Einstein’s eighth wonder ion the world. Make sure you earn it, not pay it.