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