A breakthrough paper published by Dr. Per Bylund and Dr. Mark Packard in January 2021, titled Subjective Value In Entrepreneurship, points to ten radical shifts in business thinking. We consider each one in turn. This article is number two in our series. (Previous articles here and here.)

Producers produce, consumers consume. Producers innovate, consumers enjoy the benefits of innovation. Producers pursue new ideas and new economic value, consumers evaluate and choose.

These are typical mental models of the business system. What if they are painting the wrong picture? What if, in representing the flow of production, innovation, ideas and value…


A breakthrough paper published by Dr. Per Bylund and Dr. Mark Packard in January 2021, titled Subjective Value In Entrepreneurship, points to ten radical shifts in business thinking. We consider each one in turn. This article is number two in our series. (Previous article here.)

There’s classical economics and there’s Austrian economics. There’s classical physics and there’s quantum physics. In each case, the emergence of the new science requires rethinking of the “rules of the game”. In the case of quantum physics, not everything about Newton’s Laws, or even Einstein’s Theory Of Relativity, can be thought of as accurate any…


When businesses take the time and analytical effort to think about value and to define it from the customer’s perspective, they will realize the opportunity to re-shape their business models and manage their business in new ways.

Here is a quote from a respected business source, highly ranked on the Google search page:

What’s the purpose of your business? Some would define it as profitability, cash flow, security, or freedom. The purpose of a business is to serve the values of you as the owner. Its purpose is value creation for the owner.

And, in a 2020 post, respected consultancy…


Many of us feel the pull of contributing to something “bigger than ourselves”. It could be a cause, a charity, a movement, a great project. It could be mentorship in a collaborative organization. Some people even claim that working for the government qualifies: representing (or regulating) the people.

But doing something “bigger than ourselves” does not have to be interpreted purely as a collectivist principle (sacrificing the rights of the individual for the common good), nor as altruism (living for others and not for oneself).

Almost 250 years ago, Adam Smith pointed out that it is not out of benevolence…


What is a business model? It’s a question asked frequently on Google Search, so there must be doubt in businesspeople’s minds.

The reason for the uncertainty is clear. The term business model sounds like a thing — a completed canvas, a written document, a spreadsheet with macros. But it’s not a thing, it’s a lived experience, for both business executives and their customers.

The Austrian Business Model

In a recent edition of the Economics For Entrepreneurs podcast with Dr. Per Bylund of Oklahoma State University, we described a very different kind of business model framework we called the Austrian Business Model, based on principles…


So much money and energy have been poured into politics in the last years and decades. What has it achieved? Dysfunction, debt, deficits, disrespect for America and its institutions, disdain for its politicians, and division between Americans.

Politics is poison. It is corrosive acid persistently poured onto the faces of a prostrate and powerless citizenry. It is evil, and it corrupts all the people who practice it.

Our proposal is for an end to politics and a replacement with the thought processes and science of economics. We’d prefer everyone to stop thinking in political terms and start thinking in economic terms. Here are five principles to begin with.

Economics is about creating value for others. Politics is the destruction of value.

In thinking economically, we investigate how we can create value for others. This is the definition of productivity and it’s the way we earn. The nexus of value is the mutual voluntary exchange. It must be an exchange — we receive reward in return for giving valuable service. It must be mutual — both parties feel they are better…


If you spent 2018 mainlining misery about global warming, inequality, toxic politics or other anxieties, I’m here to break your addiction with some good news: The world got better last year, and it is going to get even better this year.

Poverty around the world is plummeting; half the world is now middle class; and illiteracy, disease and deadly violence are receding. These things don’t make headlines because they are gradual, relentless and unsurprising. That is why they are worth highlighting. …


Economists tend to use weird and unhelpful language. One of their terms is Transaction Costs and these things are really important. They’re the reason why firms exist at all, and they’re the reason why the new digital platforms like amazon.com and Uber get to be so big and grow so fast and assume such great prominence.

Let’s see if we can unpack the language.

When a consumer or a customer buys a service, they pay a price in money. …


Upon taking control of the U.S. House of Representatives the first thing America’s Marxist Party did was to propose a Soviet-style, communistic destruction of American capitalism labeled a “Green New Deal.” The Party chose as its spokesperson for this totalitarian venture a young woman named Sandy Ocasio who grew up in one of the wealthiest enclaves in America, Westchester County, New York, but who decided to lie about this to get into politics by calling herself “Alex from the Bronx.” Sandy sounds like a poorly-educated-but-well-indoctrinated young communist with a ninth-grade mentality. She proudly labels herself a “democratic socialist” but as…

Hunter Hastings

Executive Director at Center For Individualism

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store