Entrepreneurship vs Management - Deepstash

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Entrepreneurship vs Management

As Mises put it, the manager is the "junior partner" of the entrepreneur. Simply put, management solves an entirely different problem than entrepreneurship. It is about maximizing the outcome of a production process (typically in terms of profit). It is a fundamental error to misconstrue the market process as mere production management.

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How to think about the Economy

The world needs economic literacy! I highly recommend it for anyone looking to get into or better their understanding of economics.

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Competition

Competition is not merely the rivalry between two or more businesses producing and selling similar things, but the constant pressure to serve consumers better--both present and future. History is full of successful and influential businesses, many of them considered too big and "powerful” to comp...

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Value determines cost

This means that a premium or luxury product is not more expensive to buy because it is produced using rare, expensive materials—it was produced using rare, expensive materials because the good is more expensive to buy. Value determines cost, not the other way around

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Fiat money

Most currencies today are government monopoly monies, but that is not how money was invented or accepted as a medium of exchange--it is only how it ended up. The economic function of money cannot simply be created from the top down.

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Purchasing power

Purchasing power—and therefore consumption power—the extent to which people are able to satisfy their wants through goods—is consequently a reflection of one's contribution to the economy (as a producer). Simply put, what we supply constitutes our ability to demand.

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Regulations

In a world in which a newly imposed regulation is the only change that takes place, we could easily compare the state of the economy before and after and thereby assess its effect. However, as the market is a process that is in constant flux, the regulation is decidedly not the only change—it is ...

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The market as a constant flux

The status quo is merely the most recent expression of the process—it's yesterday's winners before they are replaced by tomorrow's. The market process is in constant flux and is characterized by renewal and progress. The market process goes well beyond simple production management. We should want...

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Economy as a process

We simply cannot rely on observation and measurement to gain understanding of social phenomena, and we also cannot rely on static analysis or aggregates. It is necessary to view the economy as a process, an evolving complex adaptive system. Looking at a snapshot of the economy tells us very littl...

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The market is an entrepreneurial process

Looking only at the status quo—the economy that we can observe in the present—or the changes that have happened in the recent past, we could easily conclude that the economy is a fairly static system that is far from maximizing the use of resources. It would be easy to find inefficiencies and com...

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Value

It is easy to jump to conclusions and assume that the bread is valued more than the ingredients because additional resources were used to make it. This is false. It is the other way around: we choose to invest the resources—ingredients, manpower, time—because we expect the bread to give us greate...

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The economy and society are one

Thus, market production is empathic—your ability to provide value for others ultimately determines the value you get in return for your efforts... The economy and society are two sides of the same coin. It is not possible to separate the market process from society and civilization. As with so ma...

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CURATED FROM

CURATED BY

claudiu_florea

A sparkling curious mind

This is one of those books that everyone ought to read in order to better understand how the world works and the how society and economy are the same thing.

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