Think Better, Think Austrian.
Professor Peter Klein observes that “The Austrian school is best known for its fundamental contribution to economic theory. But Austrian economics is also eminently practical, with a wide range of applications to practical management problems.”
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In fact, there is a strong case for “Austrianizing” the business discipline: to apply concepts like consumer sovereignty, subjective value, entrepreneurial judgment, and Austrian capital theory to business via content that includes articles, posts, papers, and books; online and in-classroom teaching by our professors and instructors; our specially developed new tools, and the assembly of a community of like-minded entrepreneurs, business owners, and managers.
The Mises Institute is launching a project called Economics for Business to pursue this goal. The Economics for Entrepreneurs podcast has been our first initiative, and we are in the midst of building a new online platform for entrepreneurs that will make a wide range of new content and tools available.
Meanwhile, some of our leading professors have been thinking about the many ways in which Austrian economics is applicable in business. This collaboration has produced a collection of essays that we are publishing in e-book form as Austrian Economics in Contemporary Business Applications. Professors Steven Phelan, Matt McCaffrey, Peter Klein, Mark Packard, Vishal Gupta, and Per Bylund each provide a perspective based on their personal experiences. The e-book is an introduction to the range of ways that Austrian economics principles can be applied in business. It also offers suggestions to anyone who is interested in developing content for a business audience—whether writers, consultants, business school instructors, PhD candidates, or professors—for identifying rich fields of opportunity for distinctive breakthrough content that genuinely advances business thinking in areas ranging from strategy to organization to innovation, marketing, customer relations, finance, and more.
If you have an interest in business, or in economics as applied to business, you’ll find this e-book stimulating. It’s free! Register here and download it now.
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