Podcasts about mises

With the prices of everything rising at historic rates, no issue is shaping politics more right now than inflation. Unfortunately for Americans, Republicans in Washington appear no more serious on the Federal Reserve than the Biden Administration. What lessons can be learned from the past? How might the Biden Administration respond? What can be done on the issue? In this Radio Rothbard, Ryan McMaken and Tho Bishop dive into the politics of inflation. Recommended Reading "How Easy Money Inflated Corporate Profits" by Brendan Brown: Mises.org/RR_65_A "The Economy May Be Finally Peaking, and the Fed Won't Help Matters" by Brendan Brown: Mises.org/RR_65_B "How Asset Price Inflation Is Different from Goods Price Inflation" by Brendan Brown: Mises.org/RR_65_C "Monetary Inflation and Price Inflation" by Robert P. Murphy: Mises.org/RR_65_D "Ending Fiat Money Won't Destroy the State" by Ryan McMaken: Mises.org/RR_65_E Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

Tho Bishop of the Mises Institute calls in to talk about the CDC's revealing statement on natural immunity, the election bill, why the average American doesn't care about the media's January 6 narrative, Joe Biden's approval ratings, the failure of woke corporations, and more. Visit A Neighbor's Choice website at aneighborschoice.com

The Mises Institute's Jeff Deist guest hosts this episode of A Neighbor's Choice. Jeff is joined by Florida Rep. Anthony Sabatini and the two talk about how Democrats perceive politics, why conservatives need to start playing offense, how the Left can be destroyed in Florida, whether Ron DeSantis would make a good President, and more. Also in the show, Jordan Schachtel of the Dossier podcast calls in. Visit A Neighbor's Choice website at aneighborschoice.com

Gary concludes his interview with Dr. Gary North. Van Til and Rushdoony led the way. North and many others continued the research and writing in the 80s and 90s. The information exists and is easily accessible. Now it is up to the next generation(s) to do something with it. Dr. North sketches a potential path forward for motivated individuals to take the information into the 21 century and beyond...

The Mises Institute's Tho Bishop calls in to talk about the supreme court's ruling on the OSHA mandate, whether we should hope for structural reforms, the spiritual decline of the West, why Biden is proving to be worse than George W. Bush, why Democrats will ramp of persecution of political opposition, and more. Visit the A Neighbor's Choice website at aneighborschoice.com

Gary interviews Dr. Gary North about his own personal history and how he came to know and be mentored by Dr. Rousas Rushdoony. North and Rushdoony heavily influenced 20th century theology with their voluminous books about a great deal of topics. The legacy of Rushdoony is still being felt today, more than 60 years after his first book was published in 1959.

In this episode of Radio Rothbard, Ryan and Tho trade predictions for the year ahead. Topics include the importance of internal primaries ahead of next year's mid-terms, predictions on what the Fed will do with rising inflationary pressure, and what comes next from the covid regime. Additional Reading "Americans May Finally Be Losing Confidence in the Woke Military" by Jose Nino: Mises.org/RR_64_A "Could 2022 Bring the Collapse of the Euro?" by Alasdair Macleod: Mises.org/RR_64_B "Will Senate Republicans Endorse Biden-Powell Inflation?" by Tho Bishop: Mises.org/RR_64_C "The Fed Is Hawkish Now? I'll Believe It When I See It." by Ryan McMaken: Mises.org/RR_64_D Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

Jeffrey A. Tucker is Founder and President of the Brownstone Institute and the author of many thousands of articles in the scholarly and popular press and ten books in 5 languages, most recently Liberty or Lockdown. He is also a columnist at Forbes, founder of the Atlanta Bitcoin Embassy, and Senior Distinguished Fellow of the Austrian Economics Center in Vienna, Austria. He is the editor of The Best of Mises [economist Ludwig von Mises]. He speaks widely on topics of economics, technology, social philosophy, and culture. The KunstlerCast theme music is the beautiful Two Rivers Waltz written and performed by Larry Unger.

A homeowner's average equity position is now $294K. That's what the median home value was not long ago - now it's one's equity. I give a quick recap of major economic and real estate events this past year. Last year, there was an average $56,700 of equity growth per property. Our new website, GREmarketplace.com is rolling out. Register and get access to all of our: turnkey providers, pro formas, and sample properties. See videos of us interviewing property managers too. Jeff Deist, President of the Mises Institute joins me.  The Mises Institute champions liberty and free market principles. Learn more about them at www.Mises.org Jeff & I discuss: real estate and rental markets, inflation, work from home, cash, low interest rates, debt.  I ask Jeff how long he thinks we'll see real price inflation through the 2020s decade, and prospects for a double dip recession. Get our free wealth-building “Don't Quit Your Daydream” Letter. I write it myself: www.GetRichEducation.com/Letter Resources mentioned: Show Notes: www.GetRichEducation.com/379 Mises Institute website: www.Mises.org To learn more about eQRPs: text “EQRP” in ALL CAPS to 72000 or: eQRP.co By texting “EQRP” to 72000 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply “STOP” to cancel. Get mortgage loans for investment property: RidgeLendingGroup.com JWB's available Florida income property: CashFlowAndGrowth.com New Const. Florida SFHs & multifamilies: www.B2Rdirect.com Best Financial Education: GetRichEducation.com Get our free, wealth-building “Don't Quit Your Daydream Letter”: www.GetRichEducation.com/Letter Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold

The Mises Institute's Tho Bishop calls in to talk about the state's bizarre religious-like observation of January 6; what Republicans have said about the event; Tho's appearance on Steve Bannon's show; how the Right is recognizing the illegitimacy of statist coercion; and more. Visit the A Neighbor's Choice website at aneighborschoice.com

In the first Radio Rothbard of 2022, Ryan McMaken and Tho Bishop discuss the regime's portrayal of the one-year anniversary of January 6. While most Americans may care more about kitchen table issues than Washington's hysterics, already we have seen the state use last year's riot as an excuse to expand the prosecution of political minorities. Is this a moment the American right will learn from, or will history once again be written by progressives? Be sure to follow Radio Rothbard at Mises.org/RadioRothbard.

David Gornoski is joined by the Mises Institute's Dr. Patrick Newman who discusses his book Cronyism and why cronyism is the antithesis of capitalism. How was cronyism introduced in early America? Can DC be reformed or salvaged from cronyism? What would Alexander Hamilton think of Anthony Fauci? What do conservatives get wrong about the history of America? Listen to the full episode to find out. Visit A Neighbor's Choice at aneighborschoice.com

Bob critiques a Guardian article from an economist favoring price controls, and explains his argument with Joe Weisenthal about the social benefit of saving actual cash. Mentioned in the Episode and Other Links of Interest: Dr. Keith Smith (of the Surgery Center of Oklahoma) https://surgerycenterok.com/contact/ (contact page). The https://www.theguardian.com/business/commentisfree/2021/dec/29/inflation-price-controls-time-we-use-it (Guardian article) advocating price controls. Murphy Mises.org https://mises.org/wire/joe-weisenthal-thinks-debasing-dollar-moral-thing-do (critique of Weisenthal). Murphy article on the https://fee.org/articles/the-depression-youve-never-heard-of-1920-1921/ (1920-21 depression). https://mises.org/wire/inflation-its-effects-and-failures (Mises essay) calling inflationary war finance "undemocratic." BMS series on Bohm-Bawerk (https://www.bobmurphyshow.com/episodes/ep-26-capital-and-interest-in-the-austrian-tradition-part-1-of-3/ (1), https://www.bobmurphyshow.com/episodes/ep-28-capital-and-interest-in-the-austrian-tradition-part-2-of-3/ (2), and https://www.bobmurphyshow.com/episodes/ep-31-capital-and-interest-in-the-austrian-tradition-part-3-of-3/ (3)). http://bobmurphyshow.com/contribute (Help support) the Bob Murphy Show. The audio production for this episode was provided by http://podsworth.com/ (Podsworth Media).

Imagination is the first stage of any value generation journey — starting a development project, enhancing the customer experience, embarking on innovation, or building a business for the next year or the next decade. Imagination might sound like a fuzzy concept, but it's a robust business tool, the engine of the entrepreneurial design process. Mark Packard joins the E4B podcast to put imagination into a business context and describe the possibilities it opens up. Key Takeaways and Actionable Insights Imagination is central to entrepreneurs and entrepreneurship, and to innovation and advance in all aspects of business. We see business through mental models, as a kind of a movie our minds play for us. In this movie, we remember result and experiences from the past (which requires imagination) and we create images of what might have been, or, in the future, what might be. We know these images are not real, but they play through our mental model of business reality. They inform our plans and projects. We imagine cause-and-effect relationships between imagined concepts and ideas, and between actions and outcomes. From new product development to efficient administrative processes, every aspect of business involves — and requires — imagination. We can use imagination in simulating possible results. Not only do we employ imagination in our regular business activity, we also use it for advanced complex modeling. We add new inputs to what we have constructed in our imagination — in the form of “what if” queries - to create a new mental model that's different from the current one: a prospective reality that we can plan for and try to achieve. As we try to achieve that prospective reality, we receive feedback in various forms, which we use adaptively to further adjust and improve the mental model we hold in our imagination. Imagination is dynamic, always changing. Customers are also imagining, and entrepreneurs must imagine what they are imagining. We've highlighted in earlier episodes, the Value Learning Cycle that customers complete in the process of learning what to want and what to value (see Mises.org/E4E_44). The cycle begins with predictive valuation — consumers predicting to themselves how much value they'll experience from the product or service a business is pitching to them. That's imagination at work. If they buy and consume, value is an experience that results — and experience is a mental representation that includes imagination. Then in their post-experience valuation, customers adjust their mental model based on their new value knowledge. Future predictive valuations will be imagined with this updated knowledge. Imagination is central to customer expectations of value and to customers' decision-making. Businesses use three kinds of imagination to make a value proposition. Businesses develop value propositions for customers, utilizing 3 kinds of imagination: creative imagination (imagining the design of a future product or service that will deliver a valued customer experience); empathic imagination (imagining how the customer will feel as a result of the experience); and predictive simulation (imagining what the world will be like after pursuing the contemplated action). Creative imagination is a combination of needs knowledge (what customers want) and technical knowledge (what can be produced with available resources). In both cases, more knowledge is an aid to the imaginative process. Similarly, empathic imagination can benefit from more knowledge about the customer's mental model, developed through relationships and conversations. Predictive simulation is aided by rapid learning from testing and prototyping and developing design artifacts (like landing pages and A/B tests) that enable interim simulations of customer responses. Imagination can't be shared but visions can. When we work on a team or in a firm, it's productive to be aligned on the imagined future at which the group is aiming and is working towards. Strictly speaking, we can't share imagination. Everyone's imagination is subjective and individual. You can't imagine what I'm imagining. What can be shared is a vision, because it can be described in words developed from a shared language. Of course, every individual may interpret the meaning of the words differently, but with repetition, explanation and persuasive presentation, the group can get closer and closer to shared meaning. The vision becomes a cultural artifact — how we think in this firm, what we aim for in this firm, how we see the future in (and of) this firm. Similarly, in selling value propositions to customers, businesses are trying to get those customers to share a vision. We persuade them with storytelling, whether it's in the form of advertising, or PR or social media or the words printed on a package. Rhetorical skills — being able to communicate in a way that enable other people to see and share a vision, and to adapt it to their own vision — are key to successful entrepreneurship. Some people are better at imagination than others — but you can work on the skill set. Many business icons are or have been symbols of great imagination at work, such as Steve Jobs in the past and Elon Musk today. They're better at seeing the future than others. But everyone who understands imagination at the foundational level, as Mark Packard explained it in the podcast, can get better at it, and train others to get better at it, too. Imagination is a simulation run through our mental model based on knowledge we possess. One important step is to improve the knowledge set available for the simulation — better quality knowledge, more accurate knowledge, more detailed or intimate knowledge. More needs knowledge and more technical knowledge will improve creative imagination. Keep up with new technologies and with consumer trends and marketplace developments. More customer knowledge will enhance empathic imagination. Spend more time with customers. Use qualitative research (such as the E4B contextual in-depth interview: Mises.org/E4B_151_PDF) to understand their mental model better, so that the empathic simulations you run through that mental model will improve. Predictive simulation is an act of imagination that improves with learning about what works and what doesn't. Run more tests and new kinds of explorations. Explore, explore, and explore more. Don't take your own predictions too seriously; rather, expect to be wrong in ways you never imagined. Be humble, be adaptive, be agile, and recognize that you do have to predict in order to act. Triangulate with what others are doing because they're imagining too, and they may have more and better knowledge than you. Try to reconstruct their mental models and assess whether they'd be helpful for you. Additional Resources Elon Musk's Imagination (Video): Mises.org/E4B_151_Video "Subjective Value in Entrepreneurship" by Mark Packard and Per Bylund (PDF): Mises.org/E4B_151_Paper "Empathy for Entrepreneurs: How to Understand and Identify Customer Needs and Wants from Their Perspective" (PDF): Mises.org/E4B_151_PDF "Mark Packard on The Value Learning Process" (Episode): Mises.org/E4E_44

Imagination is the first stage of any value generation journey — starting a development project, enhancing the customer experience, embarking on innovation, or building a business for the next year or the next decade. Imagination might sound like a fuzzy concept, but it's a robust business tool, the engine of the entrepreneurial design process. Mark Packard joins the E4B podcast to put imagination into a business context and describe the possibilities it opens up. Key Takeaways and Actionable Insights Imagination is central to entrepreneurs and entrepreneurship, and to innovation and advance in all aspects of business. We see business through mental models, as a kind of a movie our minds play for us. In this movie, we remember result and experiences from the past (which requires imagination) and we create images of what might have been, or, in the future, what might be. We know these images are not real, but they play through our mental model of business reality. They inform our plans and projects. We imagine cause-and-effect relationships between imagined concepts and ideas, and between actions and outcomes. From new product development to efficient administrative processes, every aspect of business involves — and requires — imagination. We can use imagination in simulating possible results. Not only do we employ imagination in our regular business activity, we also use it for advanced complex modeling. We add new inputs to what we have constructed in our imagination — in the form of “what if” queries - to create a new mental model that's different from the current one: a prospective reality that we can plan for and try to achieve. As we try to achieve that prospective reality, we receive feedback in various forms, which we use adaptively to further adjust and improve the mental model we hold in our imagination. Imagination is dynamic, always changing. Customers are also imagining, and entrepreneurs must imagine what they are imagining. We've highlighted in earlier episodes, the Value Learning Cycle that customers complete in the process of learning what to want and what to value (see Mises.org/E4E_44). The cycle begins with predictive valuation — consumers predicting to themselves how much value they'll experience from the product or service a business is pitching to them. That's imagination at work. If they buy and consume, value is an experience that results — and experience is a mental representation that includes imagination. Then in their post-experience valuation, customers adjust their mental model based on their new value knowledge. Future predictive valuations will be imagined with this updated knowledge. Imagination is central to customer expectations of value and to customers' decision-making. Businesses use three kinds of imagination to make a value proposition. Businesses develop value propositions for customers, utilizing 3 kinds of imagination: creative imagination (imagining the design of a future product or service that will deliver a valued customer experience); empathic imagination (imagining how the customer will feel as a result of the experience); and predictive simulation (imagining what the world will be like after pursuing the contemplated action). Creative imagination is a combination of needs knowledge (what customers want) and technical knowledge (what can be produced with available resources). In both cases, more knowledge is an aid to the imaginative process. Similarly, empathic imagination can benefit from more knowledge about the customer's mental model, developed through relationships and conversations. Predictive simulation is aided by rapid learning from testing and prototyping and developing design artifacts (like landing pages and A/B tests) that enable interim simulations of customer responses. Imagination can't be shared but visions can. When we work on a team or in a firm, it's productive to be aligned on the imagined future at which the group is aiming and is working towards. Strictly speaking, we can't share imagination. Everyone's imagination is subjective and individual. You can't imagine what I'm imagining. What can be shared is a vision, because it can be described in words developed from a shared language. Of course, every individual may interpret the meaning of the words differently, but with repetition, explanation and persuasive presentation, the group can get closer and closer to shared meaning. The vision becomes a cultural artifact — how we think in this firm, what we aim for in this firm, how we see the future in (and of) this firm. Similarly, in selling value propositions to customers, businesses are trying to get those customers to share a vision. We persuade them with storytelling, whether it's in the form of advertising, or PR or social media or the words printed on a package. Rhetorical skills — being able to communicate in a way that enable other people to see and share a vision, and to adapt it to their own vision — are key to successful entrepreneurship. Some people are better at imagination than others — but you can work on the skill set. Many business icons are or have been symbols of great imagination at work, such as Steve Jobs in the past and Elon Musk today. They're better at seeing the future than others. But everyone who understands imagination at the foundational level, as Mark Packard explained it in the podcast, can get better at it, and train others to get better at it, too. Imagination is a simulation run through our mental model based on knowledge we possess. One important step is to improve the knowledge set available for the simulation — better quality knowledge, more accurate knowledge, more detailed or intimate knowledge. More needs knowledge and more technical knowledge will improve creative imagination. Keep up with new technologies and with consumer trends and marketplace developments. More customer knowledge will enhance empathic imagination. Spend more time with customers. Use qualitative research (such as the E4B contextual in-depth interview: Mises.org/E4B_151_PDF) to understand their mental model better, so that the empathic simulations you run through that mental model will improve. Predictive simulation is an act of imagination that improves with learning about what works and what doesn't. Run more tests and new kinds of explorations. Explore, explore, and explore more. Don't take your own predictions too seriously; rather, expect to be wrong in ways you never imagined. Be humble, be adaptive, be agile, and recognize that you do have to predict in order to act. Triangulate with what others are doing because they're imagining too, and they may have more and better knowledge than you. Try to reconstruct their mental models and assess whether they'd be helpful for you. Additional Resources Elon Musk's Imagination (Video): Mises.org/E4B_151_Video "Subjective Value in Entrepreneurship" by Mark Packard and Per Bylund (PDF): Mises.org/E4B_151_Paper "Empathy for Entrepreneurs: How to Understand and Identify Customer Needs and Wants from Their Perspective" (PDF): Mises.org/E4B_151_PDF "Mark Packard on The Value Learning Process" (Episode): Mises.org/E4E_44

Ce samedi, Isabelle Moreau reçoit un invité au cœur de l'actualité. Aujourd'hui, Matthieu Valet, secrétaire national adjoint du syndicat indépendant des commissaires de police.

Kinsella on Liberty Podcast, Episode 369. Whereupon I do the rare original episode. In November I  debated Richard Epstein in New York, at the Soho Forum, on intellectual property (patent and copyright). My friend Greg Morin (website; Twitter; Mises) accompanied me and we had a great time in NYC. In this episode, Greg and I do a post-mortem about the debate and touch on IP topics I didn't have time to address in the main debate. Some pix below. Related links: KOL364 | Soho Forum Debate vs. Richard Epstein: Patent and Copyright Law Should Be Abolished KOL366 | NFTS, Soho Forum Debate, Intellectual Property, Etc. on Repeal the 20th Century https://youtu.be/1qpB7cvtpL0 Some photos from the NYC trip below:

How did a handful of colonies created by the European Old Order establish a unique nation conceived in liberty? In Episode 2 of the Liberty vs. Power Podcast, Patrick Newman and Tho Bishop discuss the lasting tension between the Spirit of 1776 and the Constitution of 1787. The results of America's successful war for independence is one of the most important victories for the cause of liberty, but the forces of power adapted to new opportunities. Patrick and Tho also discuss the career of the infamous Robert Morris, and follow the rise of two men who are determined to mold America into the European nationalist tradition: Alexander Hamilton and James Madison. Articles "America's Libertarian Revolution" by Murray Rothbard — Mises.org/LP2_A "Bacon's Rebellion" by Murray Rothbard — Mises.org/LP2_B "How the Constitutional Convention Vastly Expanded the Powers of the President" by Murray Rothbard — Mises.org/LP2_C "The Founding Fathers' Coup d'État" by Albert Jay Nock — Mises.org/LP2_D "Economic Determinism, Ideology, and the American Revolution" by Murray Rothbard — Mises.org/LP2_E "Liberty and Property: the Levellers and Locke" by Murray Rothbard — Mises.org/LP2_F Books Cronyism: Liberty versus Power in Early America, 1607–1849 by Patrick Newman — Mises.org/LP_Crony Conceived in Liberty, Volumes I-IV by Murray Rothbard — Mises.org/LP2_G Conceived in Liberty, Volume V by Murray Rothbard, Edited by Patrick Newman — Mises.org/LP2_H Movie The Patriot — Mises.org/LP2_J To subscribe to the Liberty vs. Power Podcast on your favorite platform, visit Mises.org/LvP.

How did a handful of colonies created by the European Old Order establish a unique nation conceived in liberty? In Episode 2 of the Liberty vs. Power Podcast, Patrick Newman and Tho Bishop discuss the lasting tension between the Spirit of 1776 and the Constitution of 1787. The results of America's successful war for independence is one of the most important victories for the cause of liberty, but the forces of power adapted to new opportunities. Patrick and Tho also discuss the career of the infamous Robert Morris, and follow the rise of two men who are determined to mold America into the European nationalist tradition: Alexander Hamilton and James Madison. Articles "America's Libertarian Revolution" by Murray Rothbard — Mises.org/LP2_A "Bacon's Rebellion" by Murray Rothbard — Mises.org/LP2_B "How the Constitutional Convention Vastly Expanded the Powers of the President" by Murray Rothbard — Mises.org/LP2_C "The Founding Fathers' Coup d'État" by Albert Jay Nock — Mises.org/LP2_D "Economic Determinism, Ideology, and the American Revolution" by Murray Rothbard — Mises.org/LP2_E "Liberty and Property: the Levellers and Locke" by Murray Rothbard — Mises.org/LP2_F Books Cronyism: Liberty versus Power in Early America, 1607–1849 by Patrick Newman — Mises.org/LP_Crony Conceived in Liberty, Volumes I-IV by Murray Rothbard — Mises.org/LP2_G Conceived in Liberty, Volume V by Murray Rothbard, Edited by Patrick Newman — Mises.org/LP2_H Movie The Patriot — Mises.org/LP2_J To subscribe to the Liberty vs. Power Podcast on your favorite platform, visit Mises.org/LvP.

We're highlighting six of our 2021 podcasts that have special value for value creators. We invite you to listen to the special year-end podcast, and to sample each of those we've highlighted here, review the Key Takeaways we provide as a summary for each one, and download the free tools that accompany each podcast. Per Bylund explains that all successful entrepreneurs are Austrians.Episode #143: Mises.org/E4B_143Resource: "Explore and Realize (and Keep Exploring): How Austrian Entrepreneurs Generate Value on the Path to Business Success" (PowerPoint): Mises.org/E4B_143_PPT Mark Packard joins Per Bylund to explain how Austrian Value theory enables entrepreneurs to radically re-shape business thinking for greater value generation.Episode #108: Mises.org/E4B_108Resource: "The Value Generation Business Model" (Video) Mises.org/E4B_108_Video Matt McCaffrey outlines the Austrian approach to business strategy: emergent not planned.Episode #127: Mises.org/E4B_127Resource: "Emergent Strategy Process Map" (PDF) Mises.org/E4B_127_PDF Mark McGrath orients entrepreneurs to purposeful adaptation to emergence via the OODA loop.Episode #138: Mises.org/E4B_138Resource: John Boyd's "OODA Loop Graphic" (PPT) Mises.org/E4B_138_PPT Ulrich Moeller provides the organization design model for the adaptive entrepreneurial firm: it's boss-less.Episode #133: Mises.org/E4B_133Resource: "The Future Of Organization Design" (PDF) Mises.org/E4B_133_PDF Saras Sarasvathy pulls it all together in the form of The Entrepreneurial Method.Episode #131: Mises.org/E4B_131Resource: "Better Lives and a Better Society" (PDF) Mises.org/E4B_131_PDF

We're highlighting six of our 2021 podcasts that have special value for value creators. We invite you to listen to the special year-end podcast, and to sample each of those we've highlighted here, review the Key Takeaways we provide as a summary for each one, and download the free tools that accompany each podcast. Per Bylund explains that all successful entrepreneurs are Austrians.Episode #143: Mises.org/E4B_143Resource: "Explore and Realize (and Keep Exploring): How Austrian Entrepreneurs Generate Value on the Path to Business Success" (PowerPoint): Mises.org/E4B_143_PPT Mark Packard joins Per Bylund to explain how Austrian Value theory enables entrepreneurs to radically re-shape business thinking for greater value generation.Episode #108: Mises.org/E4B_108Resource: "The Value Generation Business Model" (Video) Mises.org/E4B_108_Video Matt McCaffrey outlines the Austrian approach to business strategy: emergent not planned.Episode #127: Mises.org/E4B_127Resource: "Emergent Strategy Process Map" (PDF) Mises.org/E4B_127_PDF Mark McGrath orients entrepreneurs to purposeful adaptation to emergence via the OODA loop.Episode #138: Mises.org/E4B_138Resource: John Boyd's "OODA Loop Graphic" (PPT) Mises.org/E4B_138_PPT Ulrich Moeller provides the organization design model for the adaptive entrepreneurial firm: it's boss-less.Episode #133: Mises.org/E4B_133Resource: "The Future Of Organization Design" (PDF) Mises.org/E4B_133_PDF Saras Sarasvathy pulls it all together in the form of The Entrepreneurial Method.Episode #131: Mises.org/E4B_131Resource: "Better Lives and a Better Society" (PDF) Mises.org/E4B_131_PDF

The Mises Institute's Jeff Deist is joined by fellow Mises economist Ryan McMaken for an exciting conversation on the Omicron scare and how the lockdowns have already impacted future generations economically. How has inflation affected the housing market and potential buyers and renters? Has Biden given up on a federal solution to the pandemic? Listen to the full episode to find out and more. Visit A Neighbor's Choice at aneighborschoice.com

«La vieille», «la mater», «la grande», «yaya» … autant de surnoms communs pour désigner la femme après 40 ans sur le continent.  Si elles se veulent affectueuses, ces étiquettes n'en sont pas moins caricaturales et assignent la quadra africaine dans une case. Célibataires ou non, avec ou sans enfant, divorcées... les femmes sont confrontées à leur choix à mesure qu'elles prennent de l'âge les poussant à questionner leur identité. Quelles sont les opinions, les colères, les aspirations des femmes de plus de 40 ans sur le continent ? Comment passer le cap sans peur et sans tabou ?   Avec : Alexandra Ngann Yonn, présidente de l'association La Femme Africaine au Quotidien (FAQ) qui milite en faveur des droits des femmes. Créatrice du podcast Mises en quarantaine Hemley Boum, romancière camerounaise, lauréate 2020 du Prix Ahmadou-Kourouma, auteure de Les jours viennent et passent (Gallimard). A participé à un épisode du podcast Mises en quarantaine Passés 40 ans, on est Célibataire, Célibat-tante, ou Célibat-tue ? Vanessa Adande, expert-comptable, fondatrice du cabinet de conseil en gestion financière ELLIPSIS au Gabon. A participé à un épisode du podcast Mises en quarantaine, ll est où le bonheur ? Rediffusion

C'est en 509 avant notre ère que les historiens romains situent la fin de la période monarchique et l'établissement d'un régime républicain libre (libera res publica), garant des libertés publiques et du respect des droits de tous ses citoyens. Mises en place dans un contexte de fortes tensions internes et externes, les institutions républicaines ne se stabilisèrent que vers le milieu du IVe siècle et ne subirent aucune modification avant la crise finale du Ier siècle avant notre ère et l'avènement d'Octave Auguste. Impossible ici de retracer l'intégralité de cette histoire longue et complexe. Aussi, avons-nous choisi de nous concentrer sur trois moments-clefs de cette période. Nous évoquerons, dans un premier temps, le duel de près d'un siècle entre Rome et Carthage, lequel marque les débuts de l'impérialisme romain ; nous retracerons ensuite l'épisode crucial des frères Gracques, prémices d'un long temps de crise pour la République qui atteindra son apogée avec la première guerre civile et la confrontation entre Marius et Sylla. *** Issus de la plus haute noblesse romaine, remarquables orateurs pétri de culture grecque, Tiberius (163-133) et Caius (154-121) Gracchus, tribuns de la Plèbe, furent les initiateurs d'audacieuses réformes agraire, politique, sociale, judiciaire et militaire qui leur attirèrent la vindicte des grandes familles sénatoriales. Ce "moment Gracques", marqué par des violences inédites dont furent victimes les deux frères à onze années d'intervalle, inaugura à Rome l'ère des guerres civiles. Notre invitée : Catherine Virlouvet est spécialiste de l'Histoire sociale et économique romaine (fin de la République et Haut-Empire), professeure émérite d'Histoire antique à l'Université d'Aix-Marseille, rattachée au centre Camille Jullian et ancienne directrice de l'École française de Rome (2011-2019). Elle a récemment publié avec Stéphane Bourdin, Rome, naissance d'un empire : De Romulus à Pompée (753 – 70 av. JC) dans la collection “Mondes anciens” de Belin.

Tho Bishop of the Mises Institute joins David Gornoski in tackling the latest fearmongering narratives by the corporate press. Tho also comments on Trump's defense of the decreed medicine, the significance of Christmas, and more. Visit the A Neighbor's Choice website at aneighborschoice.com

In the first episode of the Liberty vs. Power Podcast, Tho Bishop and Patrick Newman take a deep dive into the intellectual framework of Rothbardian historical analysis. This includes looking at the "conspiracy analyst" as a praxeologist, identifying what personal incentives may motivate individual actors that directly influence government policy. Tho and Patrick also discuss the importance of history as a vital tool in what Murray Rothbard considered "the science of liberty," and look at how battles over issues like Critical Race Theory highlight the ways the progressive left have leveraged historical narrative to strengthen their political agenda. Cronyism: Liberty versus Power in Early America, 1607–1849 by Patrick Newman — Mises.org/LP1_Crony Important Links "The Conspiracy Theory of History Revisited" by Murray Rothbard — Mises.org/LP1_A "Murray Rothbard and Jacksonian Banking" by Leonard Liggio — Mises.org/LP1_B "Coming of Age With Murray" by Hans Hermann Hoppe — Mises.org/LP1_C "The Forgotten Greatness of Rothbard's Preface to Theory and History" by George Pickering — Mises.org/LP1_D "The Fight over Economics Is a Fight over Culture" by Ryan McMaken — Mises.org/LP1_E "How to Do Economic History" by Joseph T. Salerno — Mises.org/LP1_F "The Case for Revisionism (and Against A Priori History)" by Murray N. Rothbard — Mises.org/LP1_J Additional Reading Theory and History: An Interpretation of Social and Economic Evolution by Ludwig von Mises — Mises.org/LP1_G The Economic Mind in American Civilization: 1606-1865, Volume One by Joseph Dorfman — Mises.org/LP1_H To subscribe to the Liberty vs. Power Podcast on your favorite platform, visit Mises.org/LvP.

In the first episode of the Liberty vs. Power Podcast, Tho Bishop and Patrick Newman take a deep dive into the intellectual framework of Rothbardian historical analysis. This includes looking at the "conspiracy analyst" as a praxeologist, identifying what personal incentives may motivate individual actors that directly influence government policy. Tho and Patrick also discuss the importance of history as a vital tool in what Murray Rothbard considered "the science of liberty," and look at how battles over issues like Critical Race Theory highlight the ways the progressive left have leveraged historical narrative to strengthen their political agenda. Cronyism: Liberty versus Power in Early America, 1607–1849 by Patrick Newman — Mises.org/LP1_Crony Important Links "The Conspiracy Theory of History Revisited" by Murray Rothbard — Mises.org/LP1_A "Murray Rothbard and Jacksonian Banking" by Leonard Liggio — Mises.org/LP1_B "Coming of Age With Murray" by Hans Hermann Hoppe — Mises.org/LP1_C "The Forgotten Greatness of Rothbard's Preface to Theory and History" by George Pickering — Mises.org/LP1_D "The Fight over Economics Is a Fight over Culture" by Ryan McMaken — Mises.org/LP1_E "How to Do Economic History" by Joseph T. Salerno — Mises.org/LP1_F "The Case for Revisionism (and Against A Priori History)" by Murray N. Rothbard — Mises.org/LP1_J Additional Reading Theory and History: An Interpretation of Social and Economic Evolution by Ludwig von Mises — Mises.org/LP1_G The Economic Mind in American Civilization: 1606-1865, Volume One by Joseph Dorfman — Mises.org/LP1_H To subscribe to the Liberty vs. Power Podcast on your favorite platform, visit Mises.org/LvP.

Jeff Deist and Dr. Keith Smith of the Surgery Center of Oklahoma talk about the long-term consequences of the pandemic; why surgeons wear masks and why patients shouldn't; and more. Also in the show, popular radio host Brian Wilson calls in to comment on the "winter of severe illness and death" remark by the White House; whether Biden is being led around; the lack of protests in America compared to Europe; and more. Visit A Neighbor's Choice at aneighborschoice.com

Jeff Deist of the Mises Institute returns as guest host for this episode. How does the Biden administration reason that a massive spending bill will help with inflation? Are Americans ready for another phase of mass lockdowns? Joining Jeff Deist to discuss these questions is Ryan McMaken who suggests that the eagerness for more restrictions is not there like it was in 2020. Also joining Jeff is Dr. Keith Smith who talks about the medical ramifications from the lockdowns and more. Visit A Neighbor's Choice at aneighborschoice.com

C'est en 509 avant notre ère que les historiens romains situent la fin de la période monarchique et l'établissement d'un régime républicain libre (libera res publica), garant des libertés publiques et du respect des droits de tous ses citoyens. Mises en place dans un contexte de fortes tensions internes et externes, les institutions républicaines ne se stabilisèrent que vers le milieu du IVe siècle et ne subirent aucune modification avant la crise finale du Ier siècle avant notre ère et l'avènement d'Octave Auguste. Impossible ici de retracer l'intégralité de cette histoire longue et complexe. Aussi, avons-nous choisi de nous concentrer sur trois moments-clefs de cette période. Nous évoquerons, dans un premier temps, le duel de près d'un siècle entre Rome et Carthage, lequel marque les débuts de l'impérialisme romain ; nous retracerons ensuite l'épisode crucial des frères Gracques, prémices d'un long temps de crise pour la République qui atteindra son apogée avec la première guerre civile et la confrontation entre Marius et Sylla. *** De 264 à 146, les trois guerres puniques opposèrent la République romaine et la redoutable Carthage pour le contrôle de la Méditerranée occidentale. Le premier affrontement (264-241), qui se concentre autour de la Sicile et se conclut par la victoire de Rome, aboutit à la création des premières provinces romaines ; la seconde guerre (218-202) voit le général carthaginois Hannibal porter la guerre en Italie et infliger de cuisantes défaites à Rome, avant d'être vaincu par le général Scipion l'Africain, en Afrique du nord ; même si la cité punique ne représentera plus aucune menace sérieuse, Rome décidera de la détruire complètement, au cours du 3e et dernier conflit (149-146). Cette ultime victoire viendra parachever la soumission de l'ensemble du bassin méditerranéen à la République romaine, alors au faîte de sa puissance et tout entière tournée vers son expansion. Interrogée par Manuella Affejee, Catherine Virlouvet reparcourt les années de cet affrontement immortalisé par les plumes de Tite-Live et de Polybe. Notre invitée : Catherine Virlouvet est spécialiste de l'Histoire sociale et économique romaine (fin de la République et Haut-Empire), professeure émérite d'Histoire antique à l'Université d'Aix-Marseille, rattachée au centre Camille Jullian et ancienne directrice de l'École française de Rome (2011-2019). Elle a récemment publié avec Stéphane Bourdin, Rome, naissance d'un empire : De Romulus à Pompée (753 - 70 av. JC) dans la collection "Mondes anciens" de Belin.

With a sore throat, feverish hallucinations, and a negative COVID test, Vincenzo and myself discuss the new study out of Israel analyzing 5.7 million people from the start of the pandemic. Surprise, natural immunity is still 5x more protective than vaccination, and there are some other surprises. The Omicron variant is a common cold, but please believe they will destroy the planet over it.

https://youtu.be/Rcd6h-iR78s Scott and Pete are back for the eighth episode of EOTE with special guest Mises Fellow Patrick Newman. They discuss the horrible events that lead to Neoconremover's wife being shot. Please support them with the Go Fund Me link below. Joe Biden and his path to the Cold War and more on Russia and Ukraine. Scott talks about the article in the New York times by the evil Thomas Friedman interviewing George Kennan in 1998. He also suggests reading articles by Colonel Douglas MacGregor, Andrew Cockburn, and Ray McGovern. Mises Fellow Patrick Newman joins the show and they discus inflation, shrinkflation, emerging housing problems and his book Cronyism: Liberty versus Power in Early America, 1607–1849. Discussed on the show: Support @neoconremover and @realPaulaDean Foreign Affairs; Now a Word From X Colonel Douglas MacGregor Blog Andrew Cockburn: The ghost of Georgia 2008 should be haunting Kiev right now Ray McGovern: Xi to Putin: Our Relationship ‘Exceeds an Alliance' Mises Fellow Patrick Newman's Book: Cronyism: Liberty versus Power in Early America, 1607–1849  Podcast Feeds: iTunes Spotify Amazon Stitcher iHeartRadio playerfm podcastaddict  

https://youtu.be/Rcd6h-iR78s Scott and Pete are back for the eighth episode of EOTE with special guest Mises Fellow Patrick Newman. They discuss the horrible events that lead to Neoconremover's wife being shot. Please support them with the Go Fund Me link below. Joe Biden and his path to the Cold War and more on Russia and Ukraine. Scott talks about the article in the New York times by the evil Thomas Friedman interviewing George Kennan in 1998. He also suggests reading articles by Colonel Douglas MacGregor, Andrew Cockburn, and Ray McGovern. Mises Fellow Patrick Newman joins the show and they discus inflation, shrinkflation, emerging housing problems and his book Cronyism: Liberty versus Power in Early America, 1607–1849. Discussed on the show: Support @neoconremover and @realPaulaDean Foreign Affairs; Now a Word From X Colonel Douglas MacGregor Blog Andrew Cockburn: The ghost of Georgia 2008 should be haunting Kiev right now Ray McGovern: Xi to Putin: Our Relationship ‘Exceeds an Alliance' Mises Fellow Patrick Newman's Book: Cronyism: Liberty versus Power in Early America, 1607–1849  Podcast Feeds: iTunes Spotify Amazon Stitcher iHeartRadio playerfm podcastaddict  

We continue our look at leading figures from the Old Right with guest Tom Woods, who helped publish the late Murray Rothbard's The Betrayal of the American Right. Rothbard admired the courageous and revisionist voices promoting the Old Republic, and shared their antagonism for war and economic intervention. Tom and Jeff discuss great essays like Albert J. Nock's "Isaiah's Job" and Frank Chodorov's "The Ethic of the Peddler Class;" the latter a rousing defense of the merchant class against both bureaucrats and the country-club conservatism which would emerge under William F. Buckley. The old antiwar and anti-New Deal works of figures like Menken, Hazlitt, Howard Buffett, Chodorov, and Nock deserve far wider consideration, especially as the "New Right" spirals into the worst of Buckleyite foreign policy and know-nothing economics. You owe it to yourself to explore this great but underappreciated tradition. Additional Resources Read Rothbard's important work: Mises.org/Betrayal Albert J. Nock's "Isaiah's Job:" Mises.org/HAPNock Frank Chodorov's "The Ethic of the Peddler Class:" Mises.org/HAPChodorov Jeff Leskovar on "The Psychology of Human Action:" Mises.org/HAPLeskova

We continue our look at leading figures from the Old Right with guest Tom Woods, who helped publish the late Murray Rothbard's The Betrayal of the American Right. Rothbard admired the courageous and revisionist voices promoting the Old Republic, and shared their antagonism for war and economic intervention. Tom and Jeff discuss great essays like Albert J. Nock's "Isaiah's Job" and Frank Chodorov's "The Ethic of the Peddler Class;" the latter a rousing defense of the merchant class against both bureaucrats and the country-club conservatism which would emerge under William F. Buckley. The old antiwar and anti-New Deal works of figures like Menken, Hazlitt, Howard Buffett, Chodorov, and Nock deserve far wider consideration, especially as the "New Right" spirals into the worst of Buckleyite foreign policy and know-nothing economics. You owe it to yourself to explore this great but underappreciated tradition. Additional Resources Read Rothbard's important work: Mises.org/Betrayal Albert J. Nock's "Isaiah's Job:" Mises.org/HAPNock Frank Chodorov's "The Ethic of the Peddler Class:" Mises.org/HAPChodorov Jeff Leskovar on "The Psychology of Human Action:" Mises.org/HAPLeskova

We continue our look at leading figures from the Old Right with guest Tom Woods, who helped publish the late Murray Rothbard's The Betrayal of the American Right. Rothbard admired the courageous and revisionist voices promoting the Old Republic, and shared their antagonism for war and economic intervention. Tom and Jeff discuss great essays like Albert J. Nock's "Isaiah's Job" and Frank Chodorov's "The Ethic of the Peddler Class;" the latter a rousing defense of the merchant class against both bureaucrats and the country-club conservatism which would emerge under William F. Buckley. The old antiwar and anti-New Deal works of figures like Menken, Hazlitt, Howard Buffett, Chodorov, and Nock deserve far wider consideration, especially as the "New Right" spirals into the worst of Buckleyite foreign policy and know-nothing economics. You owe it to yourself to explore this great but underappreciated tradition. Additional Resources Read Rothbard's important work: Mises.org/Betrayal Albert J. Nock's "Isaiah's Job:" Mises.org/HAPNock Frank Chodorov's "The Ethic of the Peddler Class:" Mises.org/HAPChodorov Jeff Leskovar on "The Psychology of Human Action:" Mises.org/HAPLeskova

In March of 2020 we told you we would be exactly here right now. Where we go from here is far less obvious. They are desperate, protect your neck.

The president of the Mises Institute, Jeff Deist, returns to guest host A Neighbor's Choice. Jeff is joined by returning guest Judge Andrew Napolitano and the two discuss the possible overturning of Roe v. Wade, whether abortion is a constitutional right, whether the repealing of Roe v. Wade will end abortion, and more. Also in the show, Ryan McMaken of the Mises Institute calls in to talk about the impact of Roe v. Wade on America and how we can get out of the culture war. Listen to the Judging Freedom podcast here. Visit A Neighbor's Choice at aneighborschoice.com

Larson's principal targets are Friedman and Hayek, but Mises and Rothbard are not spared. For Larson, promarket economists aren't just wrong. They're bad people. Original Article: "This Professor Hates the Austrian School. But He Clearly Doesn't Know Much about It." This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

Larson's principal targets are Friedman and Hayek, but Mises and Rothbard are not spared. For Larson, promarket economists aren't just wrong. They're bad people. Original Article: "This Professor Hates the Austrian School. But He Clearly Doesn't Know Much about It." This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

The first thing to understand about the “Austrian School” is that it doesn't exist. What Hayek, von Mises and others put forward is not Austrian at all; it is imperial British Economics, specifically the economics of the 19th century British Empire. Read along here, https://www.larouchepac.com/it_s_time_to_learn_real_american_economics_part_2

Tho Bishop of the Mises Institute joins the show to comment on the Jussie Smollett trial, the corporate media claim that Biden is recovering the economy, the statement by New Zealand's prime minister that the pandemic will never end, the media fawning over Hunter Biden, the Hispanic rejection of Democrat victim-garbed politics, and more. Visit the A Neighbor's Choice website at aneighborschoice.com

Strategic management theories and entrepreneurship theories have diverged in academia. One perspective can't recognize the other. Yet the most promising and successful new business approaches demonstrate an agile combination of both sets of theories. Professor Mohammad Keyhani joins Economics For Business to explain this phenomenon and help us point the way to the future of strategic entrepreneurship. Key Takeaways and Actionable Insights. In business school thinking, there is a dichotomy between strategic management and entrepreneurship. In management scholarship, strategic management and entrepreneurship are distinct fields of study. Professor Keyhani calls them “two logics” of business. Both logics have gained legitimacy from their origins in economics. As business theories, they base their arguments on models from the field of economics, which, of course, is older and more mature. By importing thinking from economics, these business disciplines are able to construct generalizable theories (as opposed to, for example, a case study approach). The most famous generalizable theory in strategic management is Michael Porter's five forces framework, which borrowed from industrial organization economics. Most strategic management theories have been based on general equilibrium models of neo-classical economics. Strategic management became a theory of structures and constraints, and of imperfections in equilibrium (such as the concept of competitive advantage). The entrepreneurship discipline has been more varied and diverse and less dominated by economic models. Entrepreneurship scholars look to Austrian economics, which is based on verbal logic rather than mathematical models. But Professor Keyhani, in his Ph.D. dissertation, found an integration route between strategic management and entrepreneurship using the framework of game theory, adding elements of time and dynamics (both critical in Austrian theory) and adding the innovation of computer simulation (to which more and more Austrian economists are open as a way of adding computable algorithmic rigor to verbal logic). He established a way for strategic management and entrepreneurship to communicate with each other. Strategic management is a theory of competitive structures. Strategic management models are based on models of competition among players with similar value propositions, maybe with slightly different cost structures and other small differences, but all considered as competitors to each other. The models look at the nature of the competition, the structure of the competition, and seek insights into why some companies may have advantages over others. Strategy becomes an approach of identifying and building on strengths, about sustaining and managing an existing system, about operations rather than innovation, and about control and prediction. The consequence is a series of blind spots, mostly to do with the dynamics of action over time, the uncertainty that accompanies action, and the learning that results. Entrepreneurship is a theory of dynamic value creation. The question in entrepreneurship is how to create value and how to build a value creation system in the first place. The entrepreneur faces the questions, “Am I creating any value at all? Is anyone going to pay for this innovation and be happy with it? And will I be able to get more customers?” These questions precede the models that strategy and strategic management theory have been based on. Those models start off with the entrepreneur's questions having been answered, so they are not useful at the value creation stage. Based on Austrian economics, the entrepreneurship literature has provided mental tools and mental models for entrepreneurial thinking and an entrepreneurial approach to business. These include the emphasis on subjective value and customer sovereignty, and on uncertainty and unpredictability in business. There is value in action in the face of uncertainty, because it creates new information, which can support better decision-making. That mechanism is totally lacking in the equilibrium models of strategy. Theories of entrepreneurial action to generate learning are useful not only for startups but also for larger companies, to help them think and act more entrepreneurially, and to counter the defensive and anti-innovative thinking of building on strengths and defending position. Managing an existing value generation system can result in losing the long-term perspective of innovation, adding new product lines, taking advantage of opportunities, and potentially building new strengths. “Do both!” The best approach combines strategy and entrepreneurship. Professor Keyhani argues that, ideally, firms think strategically and act entrepreneurially, and he recognizes that, in the real world of practitioners, this is what businesses do. He uses blockchain as an example. No company can say that they have an existing strength in blockchain because it's a new technology and the business concepts that utilize it are only just emerging. It's a level playing field. Are there any advantages a company could have? Maybe a company has a lot of computer scientists and mathematicians. That might be a slight strength. But getting into blockchain businesses is an entrepreneurial action, largely different than building on strengths. The approach to innovation we support here at Economics For Business is “Explore And Expand”, and Professor Keyhani sees a good match between the explore-expand dichotomy and the entrepreneurship-strategy dichotomy. Exploration is a blind spot in strategic management theory and modeling — there is pretty much no exploration in the five forces framework or the RBV (resource-based view) framework. Exploration — acting for the learning value to open up options for more things that can be done in the future — is the entrepreneurial way of thinking. Effectuation (covered in episode #131: Mises.org/E4B_131) is another form of entrepreneurial logic. It recognizes that the entrepreneur faces so much uncertainty that it may not be possible to set specific objectives. But the entrepreneur knows that they want to do something, that they have knowledge and resources and relationships, and that they may be able to create some value from them. Effectuation is the “fuzzy front end” of value creation. Another way to combine entrepreneurship and strategy is speed of learning. The general capability to be more adaptive than competition, to go through the learning cycle faster, is a dynamic capability that can be strategic. Competitive moats in the software world. Is the structure-and-constraints approach of strategic management useless in the digital era we live in? Sustainable competitive advantage seems to be inapplicable when anyone can write software (or download it from Github), and access hosting and storage at scale from AWS. But in fact, software entrepreneurs do think in terms of competitive advantage. The modern term for it is “moats”. Venture capitalists look favorably on businesses that can surround themselves with a moat to keep out competition. The most discussed moat is network effects. This concept did not come from the neo-classical economics equilibrium models, but from the dynamic analysis of more users coming in to join existing users. The five forces framework suggests that advantages lie either in cost or differentiation, but a network effects advantage can be both. Two-sided platforms with two-sided network effects add even more complexity. It's strategic to achieve that status, but the theory did not emanate from traditional strategic management thinking. Professor Keyhani introduces the next entrepreneurial strategy breakthrough: generativity. We talked in episode #104 (see Mises.org/E4B_104) about the new phenomenon of digital businesses identified by Professor Keyhani: generativity. Achieving generativity confers significant competitive advantage for any entrepreneurial firms who can develop it through technology. It's an advantage that is not identified by existing strategy theories. Generativity can be thought of as the automation of open innovation. Products and services can be designed to offer features that enable outsiders to innovate with them, and these outside innovations benefit the company. For example, the Google Pixel smartphone and the Apple iPhone are generative products or generative systems. With the tools these firms provide in the phones, outside developers can create new apps, that they offer on the Pixel or iPhone platform for other outsiders to use. The app developers make money, and so do Google and Apple, both from sales of outsider-developed apps in their app stores, and from in-app purchases. Google and Apple are not utilizing their own knowledge — they don't know the problem the app is solving, or even who developed it or where they are. They don't have to make the solution, don't have to take the risk, and don't have to pay salaries or development costs. Yet they profit from the innovation. It's a huge competitive advantage for these two entrepreneurial companies. Additional Resources "The Strategic Management Model versus the Entrepreneurial Model" (PDF): Mises.org/E4B_147_PDF "The Logic Of Strategic Entrepreneurship" by Mohammad Keyhani: Mises.org/E4B_147_Paper1 "Was Hayek an ACE?" by Nicolaas J. Vriend: Mises.org/E4B_147_Paper2 The ultimate list of tools for entrepreneurs—"Entrepreneur Tools" by Mohammad Keyhani: Mises.org/E4B_147_Tools

Strategic management theories and entrepreneurship theories have diverged in academia. One perspective can't recognize the other. Yet the most promising and successful new business approaches demonstrate an agile combination of both sets of theories. Professor Mohammad Keyhani joins Economics For Business to explain this phenomenon and help us point the way to the future of strategic entrepreneurship. Key Takeaways and Actionable Insights. In business school thinking, there is a dichotomy between strategic management and entrepreneurship. In management scholarship, strategic management and entrepreneurship are distinct fields of study. Professor Keyhani calls them “two logics” of business. Both logics have gained legitimacy from their origins in economics. As business theories, they base their arguments on models from the field of economics, which, of course, is older and more mature. By importing thinking from economics, these business disciplines are able to construct generalizable theories (as opposed to, for example, a case study approach). The most famous generalizable theory in strategic management is Michael Porter's five forces framework, which borrowed from industrial organization economics. Most strategic management theories have been based on general equilibrium models of neo-classical economics. Strategic management became a theory of structures and constraints, and of imperfections in equilibrium (such as the concept of competitive advantage). The entrepreneurship discipline has been more varied and diverse and less dominated by economic models. Entrepreneurship scholars look to Austrian economics, which is based on verbal logic rather than mathematical models. But Professor Keyhani, in his Ph.D. dissertation, found an integration route between strategic management and entrepreneurship using the framework of game theory, adding elements of time and dynamics (both critical in Austrian theory) and adding the innovation of computer simulation (to which more and more Austrian economists are open as a way of adding computable algorithmic rigor to verbal logic). He established a way for strategic management and entrepreneurship to communicate with each other. Strategic management is a theory of competitive structures. Strategic management models are based on models of competition among players with similar value propositions, maybe with slightly different cost structures and other small differences, but all considered as competitors to each other. The models look at the nature of the competition, the structure of the competition, and seek insights into why some companies may have advantages over others. Strategy becomes an approach of identifying and building on strengths, about sustaining and managing an existing system, about operations rather than innovation, and about control and prediction. The consequence is a series of blind spots, mostly to do with the dynamics of action over time, the uncertainty that accompanies action, and the learning that results. Entrepreneurship is a theory of dynamic value creation. The question in entrepreneurship is how to create value and how to build a value creation system in the first place. The entrepreneur faces the questions, “Am I creating any value at all? Is anyone going to pay for this innovation and be happy with it? And will I be able to get more customers?” These questions precede the models that strategy and strategic management theory have been based on. Those models start off with the entrepreneur's questions having been answered, so they are not useful at the value creation stage. Based on Austrian economics, the entrepreneurship literature has provided mental tools and mental models for entrepreneurial thinking and an entrepreneurial approach to business. These include the emphasis on subjective value and customer sovereignty, and on uncertainty and unpredictability in business. There is value in action in the face of uncertainty, because it creates new information, which can support better decision-making. That mechanism is totally lacking in the equilibrium models of strategy. Theories of entrepreneurial action to generate learning are useful not only for startups but also for larger companies, to help them think and act more entrepreneurially, and to counter the defensive and anti-innovative thinking of building on strengths and defending position. Managing an existing value generation system can result in losing the long-term perspective of innovation, adding new product lines, taking advantage of opportunities, and potentially building new strengths. “Do both!” The best approach combines strategy and entrepreneurship. Professor Keyhani argues that, ideally, firms think strategically and act entrepreneurially, and he recognizes that, in the real world of practitioners, this is what businesses do. He uses blockchain as an example. No company can say that they have an existing strength in blockchain because it's a new technology and the business concepts that utilize it are only just emerging. It's a level playing field. Are there any advantages a company could have? Maybe a company has a lot of computer scientists and mathematicians. That might be a slight strength. But getting into blockchain businesses is an entrepreneurial action, largely different than building on strengths. The approach to innovation we support here at Economics For Business is “Explore And Expand”, and Professor Keyhani sees a good match between the explore-expand dichotomy and the entrepreneurship-strategy dichotomy. Exploration is a blind spot in strategic management theory and modeling — there is pretty much no exploration in the five forces framework or the RBV (resource-based view) framework. Exploration — acting for the learning value to open up options for more things that can be done in the future — is the entrepreneurial way of thinking. Effectuation (covered in episode #131: Mises.org/E4B_131) is another form of entrepreneurial logic. It recognizes that the entrepreneur faces so much uncertainty that it may not be possible to set specific objectives. But the entrepreneur knows that they want to do something, that they have knowledge and resources and relationships, and that they may be able to create some value from them. Effectuation is the “fuzzy front end” of value creation. Another way to combine entrepreneurship and strategy is speed of learning. The general capability to be more adaptive than competition, to go through the learning cycle faster, is a dynamic capability that can be strategic. Competitive moats in the software world. Is the structure-and-constraints approach of strategic management useless in the digital era we live in? Sustainable competitive advantage seems to be inapplicable when anyone can write software (or download it from Github), and access hosting and storage at scale from AWS. But in fact, software entrepreneurs do think in terms of competitive advantage. The modern term for it is “moats”. Venture capitalists look favorably on businesses that can surround themselves with a moat to keep out competition. The most discussed moat is network effects. This concept did not come from the neo-classical economics equilibrium models, but from the dynamic analysis of more users coming in to join existing users. The five forces framework suggests that advantages lie either in cost or differentiation, but a network effects advantage can be both. Two-sided platforms with two-sided network effects add even more complexity. It's strategic to achieve that status, but the theory did not emanate from traditional strategic management thinking. Professor Keyhani introduces the next entrepreneurial strategy breakthrough: generativity. We talked in episode #104 (see Mises.org/E4B_104) about the new phenomenon of digital businesses identified by Professor Keyhani: generativity. Achieving generativity confers significant competitive advantage for any entrepreneurial firms who can develop it through technology. It's an advantage that is not identified by existing strategy theories. Generativity can be thought of as the automation of open innovation. Products and services can be designed to offer features that enable outsiders to innovate with them, and these outside innovations benefit the company. For example, the Google Pixel smartphone and the Apple iPhone are generative products or generative systems. With the tools these firms provide in the phones, outside developers can create new apps, that they offer on the Pixel or iPhone platform for other outsiders to use. The app developers make money, and so do Google and Apple, both from sales of outsider-developed apps in their app stores, and from in-app purchases. Google and Apple are not utilizing their own knowledge — they don't know the problem the app is solving, or even who developed it or where they are. They don't have to make the solution, don't have to take the risk, and don't have to pay salaries or development costs. Yet they profit from the innovation. It's a huge competitive advantage for these two entrepreneurial companies. Additional Resources "The Strategic Management Model versus the Entrepreneurial Model" (PDF): Mises.org/E4B_147_PDF "The Logic Of Strategic Entrepreneurship" by Mohammad Keyhani: Mises.org/E4B_147_Paper1 "Was Hayek an ACE?" by Nicolaas J. Vriend: Mises.org/E4B_147_Paper2 The ultimate list of tools for entrepreneurs—"Entrepreneur Tools" by Mohammad Keyhani: Mises.org/E4B_147_Tools

What does an expansionist monetary policy produce? Is it wise to lower the rate of interest so as to encourage economic activity? The classic text, by Ludwig von Mises. A reading, by Emil Kalinowski.----------WHO----------One of the most notable economists and social philosophers of the twentieth century, Ludwig von Mises, in the course of a long and highly productive life, developed an integrated, deductive science of economics based on the fundamental axiom that in­dividual human beings act purposively to achieve desired goals. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Alegro" by TAGE at Epidemic Sound.----------WHAT----------The Economic Consequences of Cheap Money: https://bit.ly/3paz1TU----------WHERE----------Mises Institute: https://mises.org/Mises Institute Twitter: https://twitter.com/misesEmil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr

Jason Hartman interviews Jeff Deist, President of the Mises Institute and former advisor and chief of staff to Congressman Ron Paul, for whom he wrote hundreds of articles and speeches. Are we in the midst of a battle between inflationary and deflationary pressures? How can we wake up Americans and help them understand the express policy of their own government to harm them? Watch the YouTube video HERE. For more information, visit Jeff Deist | Mises Institute Key Takeaways: [1:50] A false sense of security [3:39] Enhanced unemployment benefits [4:41] Competing with enhanced government perks [5:20] Two twin opposing forces at work - inflation vs deflation [8:00] That doesn't create new Ford F150s [10:22] Containing inflation in the 2020s at the consumer price level [12:00] US Treasuries continue to look good by comparison [13:53] We need to get back to normal and get government off our backs [14:47] An express policy of their own government to harm Americans [17:55] Government and central banks thwarting higher productivity 18:56 Caught in a war between inflation and deflation [23:37] Snapping up rental real estate [25:48] Resources on how this stuff really works, and how important it is to understand it   The WEALTH TRANSFER is happening FAST! Protect your financial future now! Did you know that 25% to 40% of all dollars ever created were dumped into the economy last year???  This will be devastating to some and an opportunity to others, be sure you're on the right side of this massive wealth transfer. Learn from our experiences, maximize your ROI and avoid regrets. Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com Jason's TV Clips: https://vimeo.com/549444172  Asset Protection, Tax Savings & Estate Planning: http://JasonHartman.com/Protect What do Jason's clients say? http://JasonHartmanTestimonials.com Easily get up to $250,000 in funding for real estate, business or anything else  http://JasonHartman.com/Fund  Call our Investment Counselors at: 1-800-HARTMAN (US) or visit www.JasonHartman.com Guided Visualization for Investors: http://jasonhartman.com/visualization  

Garet Garrett was among the most important figures from the literary, political, and laissez-faire economic traditions of the Old Right, but his name is hardly known today. In 1938 he penned "The Revolution Was," a remarkable essay about FDR's revolutionary New Deal and, more importantly, how it was accomplished. FDR's revolution had already happened, though few Americans understood it or grasped what the triumph of an administrative state would mean. The New Deal was a revolution "with the form," because the old trappings of constitutionalism and separation of powers remained intact. What had changed was the substance of American government, engineered through skillful propaganda and marked by radically increased control over the nation's capital and businesses. This essay is entirely relevant to our current politics, and explains with tremendous clarity the the ongoing revolution happening under our noses today. Ryan McMaken joins Jeff Deist for a deep exploration of the essay and its lessons for us today. You owe it to yourself to read this masterpiece. Read Garet Garrett's prescient essay: Mises.org/GaretWas

This is easily the most political guest we've had on this show in a few years. But there's a good reason for that. Tho Bishop is not just any political activist.Tho is the assistant editor and media director at the Mises Institute, and the host of the Radio Rothbard and Redneck Riviera podcasts. He's been active with the local GOP in his hometown in Bay County, FL for the last few years. Unlike most liberty-oriented political activists, his primary goal is not to preach his neighbors into submission to his ideas.While the WPI message emphasizes personal self-improvement irrespective of politics, it's undeniably true that sometimes those who have optimized themselves for leadership will be given the opportunity to serve their communities. And sometimes those opportunities will be within local government.Tho's pragmatic, compassionate approach to his local communities is too uncommon these days, but hopefully it inspires some of you to think more seriously about what you can do to protect and support those who are closest to you.******Follow Tho on Twitter: https://twitter.com/thobishopListen to the Redneck Riviera podcast: https://podcasts.apple.com/us/podcast/redneck-riviera/id1562063675Listen to Radio Rothbard: https://podcasts.apple.com/us/podcast/radio-rothbard/id1352049982Donate to the Mises Institute: https://mises.org/giving/campaigns/support-liberty-4******If you're ready to take control of your life, income, and future, go to www.nomadnetwork.app and join the Nomad Network to get started. Brand new app in app stores now!Give your business an unfair advantage in less than 3 minutes a day. Get the daily newsletter that delivers the most actionable and tactical growth strategies available today, straight from the mind of a marketing genius: http://dailyalchemy.me.Learn the blueprint for generating predictable and sustainable income from anywhere on earth: http://www.nomadicwealthoffer.com.Jason on Twitter: https://twitter.com/jason_stapletonJason on IG: https://www.instagram.com/thejasonstapletonJason's website: https://jasonstapleton.comMatt on Twitter: https://twitter.com/realkingpilledDon't forget to like and subscribe, and please share the show!

You should all know our guest on today's show. If this is you first time ever hearing him, you're in for a treat. Marc Clair is a libertarian podcasting OG. He's been 1/3 of Lions of Liberty for just about as long as podcasts have existed.However, over the past 12-24 months, he's been going through a philosophical evolution. For a lot of years, he earnestly believed the best way to advance the cause of liberty was through a political movement aimed at telling as many people as possible about libertarianism and trying to "convert" people to joining the movement.Like many people, though, the entire COVID experience has taught him that political movements can't really do much for you if you haven't first secured your own liberty.Today, he's going to share with us his experience with (likely) losing out on a well-paying career because he chooses not to participate in forced medical treatments. Fortunately, he had already somewhat positioned himself to be able to survive a situation that could crush most people, but that doesn't mean it's all be sunshine and rainbows.Taking control of the source of your income isn't always easy, but it's necessary if you're going to survive this economic crisis. And it's simpler than most people think.******Follow Marc on Twitter: https://twitter.com/marcdclairReach out to Marc personally: marc.clair@gmail.comListen to Lions of Liberty: https://podcasts.apple.com/us/podcast/lions-of-liberty/id706061933Listen to Second Print Comics: https://podcasts.apple.com/us/podcast/second-print-comics-podcast/id1525007742Reclaim your Freedom with Marc Clair, Michael Rectenwald, Martha Bueno, Clint Russell from Liberty Lockdown, Buck Johnson from Counterflow, Robbie 'The Fire' Bernstein, and more at the Sayulita Superspreader event in Sayulita, Mexico, Dec 10-12. https://sayulitasuperspreader.eventsmart.com/******If you're ready to take control of your life, income, and future, go to www.nomadnetwork.app and join the Nomad Network to get started. Brand new app in app stores now!Give your business an unfair advantage in less than 3 minutes a day. Get the daily newsletter that delivers the most actionable and tactical growth strategies available today, straight from the mind of a marketing genius: http://dailyalchemy.me.Learn the blueprint for generating predictable and sustainable income from anywhere on earth: http://www.nomadicwealthoffer.com.Jason on Twitter: https://twitter.com/jason_stapletonJason on IG: https://www.instagram.com/thejasonstapletonJason's website: https://jasonstapleton.comMatt on Twitter: https://twitter.com/realkingpilledDon't forget to like and subscribe, and please share the show!

Within the so-called liberty movement, everyone talks about the importance and value of freedom and liberty. Lots of people have committed themselves to the goal of spreading those things.But here's the problem: you can't sell something that you don't already have.If you truly want to sell freedom to people, you have to earn it for yourself first.*******If you're ready to take control of your life, income, and future, go to www.nomadnetwork.app and join the Nomad Network to get started. Brand new app in app stores now!Give your business an unfair advantage in less than 3 minutes a day. Get the daily newsletter that delivers the most actionable and tactical growth strategies available today, straight from the mind of a marketing genius: http://dailyalchemy.me.Learn the blueprint for generating predictable and sustainable income from anywhere on earth: http://www.nomadicwealthoffer.com.Jason on Twitter: https://twitter.com/jason_stapletonJason on IG: https://www.instagram.com/thejasonstapletonJason's website: https://jasonstapleton.comMatt on Twitter: https://twitter.com/realkingpilledDon't forget to like and subscribe, and please share the show!