Firms that can unlock the deep secrets of subjective value can unleash powerful, long-lasting value streams. When these flow in a confluence with well-identified market drivers, revenue and profit growth can be greatly accelerated.
Entrepreneurs seek to provide markets with new value through innovation wherever they can identify an opportunity. Their vision is broad enough to include free market institutions such as contracting, where they identify new and better ways to expand the mutuality of value and better relationship models than those in the traditional legal approach.
The Chinese Communist Party professes socialism with Chinese characteristics, which is, essentially, capitalism. USA’s Big Tech companies appear to be practicing capitalism with Chinese characteristics.
The future of work is portrayed as technology substituting for people. It’s more likely that people will become firms, with all the access to resources that that entails.
Value is not derived from functional use, but is the good feeling the consumer experiences during consumption. Consistent with the Austrian understanding of the market as a process, value is a process.
Entrepreneurial economics drives the market economy and improves the standard of living and quality of life for everyone in society. It’s the economics to know.