The economic damage from government regulations is not limited to the immediate extraction of economic value, but includes the compounding of economic distortions day by day, person by person, company by company, sector by sector. It’s compound destruction.
How do entrepreneurs and executives apply that theory to create customers, delight them, and grow strong brands and businesses?
Economics is the beautiful science of prosperity, based on human liberty and creativity. It ‘s a perversion of economics to make it about policy, legislation and aggregate statistics.
Getting into the minds of customers is the universal need of everyone in business. A new book by Mark Packard, Entrepreneurial Valuation, provides a new understanding of how customers identify value in the constant, never-ending flow of the value learning cycle.
The business-as-a-flow orientation embraces continuous adaptive change within the firm. Traditional slow-motion control mechanisms like strategy and planning are no longer appropriate. The new toolkit that entrepreneurs are developing includes the after action review (AAR), a learning tool rather than a misguided attempt at predictive control.
The purpose of business – to create value for customers – has been distorted and diverted by financialization. Austrian economics is the restorative.