21. Peter Klein on Transaction Costs
Are you transaction cost-savvy? Peter Klein explains why it’s important.
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Why Austrian Economics Is The Economics You Need For Entrepreneurial Success.
Jeff Deist, President of the Mises Institute, recently penned a metaphorical comparison of Austrian economics to the punk rock bands of the 70’s and 80’s who composed, created, and played but were denied recognition because they were locked out by the music industry establishment. They developed a do-it-yourself ethic when it came to publishing and […]
20. Dr. Keith Smith on How Austrian Economics Helped Me Innovate
Dr. Keith Smith is an anesthesiologist and founder of both the Surgery Center of Oklahoma and the Free Market Medical Association. Surgery Center of Oklahoma has innovated in healthcare with a completely free market offering of transparent pricing with no hidden fees, with a radically patient-centric organization and different and better patient and doctor relationship protocols.
Mainstream Economists Favor Efficiency. That Should Not Be A Goal – It Should Be Avoided.
What does an economy do? Modern economics suggests it is about [production] efficiency, and develops models for assessing the degree to which it is achieved and predicting outcomes assuming it. This is a fundamental misunderstanding that, when scratching on the surface, clearly is as impossible as it is undesirable. Economy is about value creation: about […]
19. Per Bylund: ACT! How To Apply Austrian Capital Theory In Modern Organizational Design, Contemporary Business Structure, and A High Response Business Model
Austrian Capital Theory (ACT) sounds arcane, academic and complicated. In fact, it’s the key to modern organizational design, cutting edge business structures, and the high-response business models leading entrepreneurs deploy to win in today’s business environment.
18. Steven Phelan on How To Assemble A Winning Combination Of Resources
Austrian Capital Theory holds that capital assets are heterogeneous and complementary. In business language, that means an entrepreneur can assemble set of assets that are special to his or her firm and combined in such a way that the combination is unique, or at least hard to copy.