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Hunter Hastings, Peter G. Klein

Articles by Hunter Hastings, Peter G. Klein

Peter Klein on Cronyism, Capitalism, and the Entrepreneurial Pathway

May 25, 2021

Cronyism is not Capitalism We often hear that capitalism is under fire: in contemporary politics, in journalism, in popular discourse, and even in some business schools and among some management scholars and their students. But the criticism, upon examination, is not about capitalism but cronyism. The two are entirely separate systems, and the corruption and …

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Peter Klein: When Policy-Makers Discover The Benefits of Entrepreneurship, They Can’t Resist Intervening

April 6, 2021

Innovative entrepreneurship is the segment of the entrepreneurial economy that is especially highly focused on innovation via new products and services. Within innovative entrepreneurship there is an even brighter spotlight on NTBF — new technology-based firms that are cutting edge, scalable, and fast-growing. They represent only one form of entrepreneurship, but one that is very …

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Peter Klein on the Advantaged Business Insights of the Austrian School

December 1, 2020

Six ways — selected from many — that businesspeople can derive more insightful knowledge and perspective from Austrian economics than from traditional Business School teaching. Download our “A-school vs. B-school” summary PDF at More Human Austrians believe in business as an uplifting human endeavor, focused on how people as producers can best help people …

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Peter Klein: Four Considerations for the Delegation of Derived Judgment

June 30, 2020

Key Takeaways And Actionable Insights For entrepreneurs, the future is not risky, it’s uncertain. Risk is a calculable mathematical probability, like the result of 1000 tosses of a (fair) coin, or the likelihood of you being involved in a car accident in 40 years of driving on US interstate highways. The outcomes of entrepreneurial decision …

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Peter Klein: Ten Fundamentals of Economics on Which to Build a Successful Customer-First Business

November 19, 2019

Professor Peter Klein teaches entrepreneurship based on fundamental Austrian principles from Carl Menger’s Principles Of Economics. His advice is unlike anything you’ll get from studying mainstream economics, or from business books and business school classes. In our podcast, Peter explains the fundamentals of economics under ten headings, below, and transforms that economic knowledge into entrepreneurial …

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Peter Klein on Pricing

October 8, 2019

Pricing is fundamental to business success — to generating transactions, to cash flow and to profitable operations. There’s a lot of uncertainty for entrepreneurs in the pricing process, and economics is a good source of clarity. In fact, Peter Klein tells us that economics used to be called price theory, recognizing this fundamental role of …

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Peter Klein on Organization

August 6, 2019

Austrian economics has valuable and important things to say about organizing entrepreneurial firms. Key Takeaways And Actionable Insights Organization can make a crucial difference to entrepreneurial success. Ideas alone are not enough — execution is needed and the details of execution are important. The entrepreneur must design an organization for detailed, effective and efficient execution. …

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Entrepreneurial Decision Making with Peter Klein

April 17, 2019

Decision-making can feel particularly challenging for entrepreneurs. Entrepreneurs face the unpredictability of the future with a limited set of resources, limited information, very little history of what works and what doesn’t, and few, if any, people to help. There’s no corporate research department and not much big data. Decision-making can be daunting. How can economics help? …

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Peter Klein on Entrepreneurial Empathy

March 20, 2019

Today we talk with Peter Klein about empathy—a critical tool in the entrepreneur’s toolbox. It’s through empathy that entrepreneurs can get into the customer’s mind, understand and identify their needs and wants from their perspective and in their perception. This is the skill that enables the design of new products, new services, new systems and …

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Peter Klein on Means and Ends

February 20, 2019

There are some economic principles that can help entrepreneurs in their business-building endeavors. One is the understanding of ends and means. What ends (goals, objectives) are your customers pursuing, and how do they choose the means to achieve those ends? The customer is in charge of choosing ends, and the entrepreneur takes charge of offering …

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