The Mises Institute is launching a new podcast with the title Economics For Entrepreneurs. Why should you listen?
The entrepreneur is the central hero in the dynamic order of Austrian Economics. Mises referred to entrepreneurs as “the driving force of the whole market system”.1 Jesus Huerta de Soto points to the unique role the theory of entrepreneurship plays in Austrian Economics.
Neoclassical economists… overlook the co-ordinating force that Austrians attribute to entrepreneurship. The entrepreneurial process….is a dynamic, never-ending process which constantly spreads and furthers the advancement of civilization.2
Mises and de Soto were writing about economic roles. In Economics For Entrepreneurs, we are focused on the flesh-and-blood individuals who tackle the entrepreneurial task every day. The entrepreneurs who detect consumer and customer dissatisfactions and imagine — then produce — solutions for those dissatisfactions. The entrepreneurs who serve others by creating new value and, as a result, create the most just, moral and beneficent society for all, while creating a life of purpose and meaning for themselves.
We want to contribute knowledge and insight to that process. We want entrepreneurs to be successful. We’d like everyone to be an entrepreneur.
How is our podcast going to help? It’s a three step process. The first resource for successful entrepreneurs is understanding the laws of economics. If you have clear insight and a rigorous practical application of these laws, you have a competitive advantage over others. We’ll talk to the leading economic thinkers about the exactly how economic principles are best applied in business.
The second resource is the set of tools to apply these principles, and we’ll describe and, where possible, provide those tools for entrepreneurs to use. They can range from frameworks and processes to tools for planning and brand building. Some will make you better at specific tasks, others will augment your individual capacity, so you can be more effective.
The third resource is your imagination. We can’t provide that, but we can stimulate it. As you listen to both up-and-coming and established entrepreneurial practitioners, we think your imagination will be unleashed in multiple new directions.
The laws of economics, the tools for practical application, plus your imagination. We think that’s a winning formula.
Moreover, there is a world-changing innovation at work to which we can all contribute. If we are able to interconnect a worldwide group of entrepreneurs, the people who are the creators of new value in society, we will be able to unleash a wave of collaborative genius to change the world for the better. One entrepreneur can be smart, and one innovation can create value and one firm can grow revenues and profit. If they all share their learning and share the new information they create, and everyone acts on that learning at speed and scale, then we get to a new horizon of value creation. It’s what Austrians call spontaneous order, the driving dynamic of entrepreneurial human action, the never-ending process that constantly spreads and furthers the advancement of civilization.