The science of economics has a big problem with vocabulary. It attempts to capture complex concepts in single words and phrases, which only serve to confuse and befuddle and cause arguments. To take a current example, the word “socialism”, for an economist, means state ownership of the means of production (which, in itself, is a […]
We gathered together another insightful tweet stream from the entrepreneur’s highest rated economist, Dr. Per Bylund. The problem of #entrepreneurship is not to come up with a unique idea or product, but to do it well–which means to supply a good or service that is well in line with what consumers value. It is as […]
An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways of combining resources. When the market value generated by this new combination of resources is greater than the market value these resources can generate […]
Business strategy in books and business schools has tended to towards metaphors of sports or war. There are playing fields or battlefields, and the strategy question is “Where to play, and how to win?”
Entrepreneurs operate in the future. They imagine a future where lives are improved because dissatisfactions are removed and there’s greater well-being to enjoy. Everyone can embrace that future. So what could go wrong? Well, your customer may expect more than they feel they actually get, so they stop being a customer. Investors and bankers may expect you […]
Are you transaction cost-savvy? Peter Klein explains why it’s important.