1. Consumer Sovereignty - Deepstash
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1. Consumer Sovereignty

Not only is the customer king, but all production aims to ultimately satisfy consumers in some sense by providing them with value. This value is entirely up to the consumer. Entrepreneurs can only provide the means, typically a good or a service, that help consumers become better off. Sometimes this requires educating the customer so that they understand the value of the product. And, typically, the value lies in their complete experience, not just what you sell.

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But Entrepreneurs Are The Lifeblood Of The Market Economy

As economist Joseph Schumpeter argued, entrepreneurs are the lifeblood of the dynamic market economy. They are in the business of creating dis-equilibrium. They engage in “creative destruction.” The new that they create displaces the old and makes us better off. The mark...

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4 Insights From Austrian “Entrepreneurial” Economics

Here are four insights from Austrian economics that are part of that entrepreneurial intuition:

  1. Consumer Sovereignty
  2. Value determines price and costs are a choice
  3. Entrepreneurship is about creating tomorrow

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2. Value Determines Price And Costs Are A Choice

With value being in the eyes (and experience) of the consumer, the price they are asked to pay must be (much) lower. The entrepreneur’s job is to figure out at what price their product is attractive, and then choose a cost structure that allows for profit. In other words, the price is a

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79 reads

Most Entrepreneurs Are “Austrians”

Few entrepreneurs have heard of or studied Austrian economics. But most entrepreneurs are Austrians without knowing it. They have learned from experience how the economy works and have developed an intuition. Their gut feeling, sometimes referred to as entrepreneurial jud...

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Hamlet Without The Danish Priest

Standard economics has turned its back on and developed models that exclude entrepreneurship. As Joseph Schumpeter, schooled in the Austrian tradition, put it: the market economy without entrepreneurship is much “like Hamlet without the Danish prince.” Indeed, en...

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4. Seek To Be A Good Monopolist

In standard economics models, competition is about offering the same or nearly the same goods competing on price. This is a terrible strategy for entrepreneurs, whose superpower is to facilitate value. Therefore, “Austrians” think of competition differenlty: It is about f...

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3. Entrepreneurship Is About Creating Tomorrow

Leading Austrian economist Ludwig von Mises noted in his tome Human Action that “the ultimate source from which entrepreneurial profit and loss are derived is the uncertainty of the future constellation of demand and supply.'' What that means is individual entrep...

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Modern Economics Is Entrepreneur-less

Over 50 years ago, economist William Baumol noted that economics was a theory of the economy that left no place for entrepreneurship. Economic models, simply put, were “entrepreneur-less.” Economics is no better today; in fact, it’s arguably worse. It focuses on faceless economic...

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The Austrian School Of Economics

So-called Austrian economics, which was founded by scholars at the University of Vienna 150 years ago (hence the name), is an alternative approach to understanding the economy that embraces entrepreneurship and even sees it as the driving force of the market. To “Austrian...

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Entrepreneurship At The Core

With entrepreneurship at the core, “Austrians” only reluctantly use mathematical modeling and statistical analysis. After all, if the economy is a dynamic process of entrepreneurship and innovation, of what use are mathematical equations? Instead, their focus is on value creation...

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CURATED FROM

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xarikleia

“An idea is something that won’t work unless you do.” - Thomas A. Edison

Modern economics is a theory of the economy that leaves no place for the entrepreneur. So where should entrepreneurs turn to improve their understanding? The Austrian school of economics might be the answer.

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