Per Bylund: Austrian Economics is the Science of Business Success
For any size and any type of business, the generation of value requires more than strategy, planning, and executional excellence. It calls for the establishment, communication, and internalization of value-generation principles (see Mises.org/E4B_105_PDF), solidly founded and consistently applied.
This concept of the long term, dynamic application of unchanging principles is the essence of the Austrian approach to business.
In a podcast conversation, Professor Per Bylund reviewed and critiqued the popular business book The Science Of Success, and focused on these principles or guidelines.
A Vision For Long Term Value
Vision in this context is not the transcendental futurism of a CEO-with-superpowers often envisaged in business school texts. This is Austrian vision: a deep understanding of what constitutes value and how to act to realize value over time, rejecting short-term opportunism.
Value, of course, is subjective, determined by consumers, and so businesses that generate long term value can be seen as creating value for societ
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