4. Seek To Be A Good Monopolist - Deepstash

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 figuring out how to provide the best value experience possible. This often involves thinking out of the box and trying something new. Every innovation is by definition a new, unique offering and therefore also a monopoly. What benefits consumers most is entrepreneurs who aim to be good monopolists.

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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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