| Business is a form of applied economics. Its purpose is to make people’s lives better. Profit is the signal from society that business is doing a good job in the customer’s estimation. This is a completely human system, a form of human action and interaction. Business schools take the approach of mainstream economics, that mathematics is the tool of choice, expressed in data analytics, accounting, financialization, and numbers-based plans and strategies. The Austrian school approach offers a very different path. Professor Per Bylund joins the Economics For Business podcast to highlight some important differences. Show notes: https://mises.org/library/bylund-austrian-school-approach-business-versus-business-school-approach Austrian School Versus Business School: A side-by-side comparison (PDF): https://Mises.org/E4B_187_PDF How To Think About The Economy: A Primer by Per Bylund: https://Mises.org/Primer |
Per Bylund, PhD, is a Fellow of the Mises Institute and Assistant Professor of Entrepreneurship & Records-Johnston Professor of Free Enterprise in the School of Entrepreneurship in the Spears School of Business at Oklahoma State University, and an Associate Fellow of the Ratio Institute in Stockholm.
Tags: Featured,newsletter
