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One of the fundamental propositions that elevates Austrian economics is the understanding of subjective value.
Economics is a science of value creation, and Austrian economics builds from the axiom that value is subjective and entirely determined by individuals. As Mises described, we are all in a constant state of unease, meaning that we are in search of new value.
Entrepreneurship is the economic function that senses others' unease, designs new value propositions to address their condition, and encourages the exchanges that improve the circumstances of both the value-seeker and the entrepreneur.
Our Economics for Business project helps entrepreneurial businesses of all sizes to generate new value via a thorough understanding of customer needs and the design of new product and service innovations.
There’s a lot to learn in our email series:
- How to think about subjective value—the most powerful driver of business success
- Value as an experience
- The value learning process that generates the value experience
- Some visual tools to help plan your value generation activities
- How to design a value proposition
- The economics of value
- How value flows to your business
- Economic Value Added (EVA)
Join our business-oriented community at Economics for Business as we do a deep exploration of Subjective Value during the month of July, highlighting some of the intelligence and tools at econ4business.com that will help entrepreneurial businesses succeed and advance the purposes of an entrepreneurial society.
–The E4B Team
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