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Hunter Hastings

Articles by Hunter Hastings

Ulrich Möller: The Video Game Industry Points to the Future of Organization Design

17 days ago

Austrian economics has a lot to say about how to organize firms for maximum value generation. Austrian principles point to the delegation of entrepreneurial judgement to the front-line employees who interact directly with those who actually create value: users. The military organization models of the twentieth century, involving command-and-control in hierarchical structures, are slow to …

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Saras Sarasvathy On The Entrepreneurial Method

August 18, 2021

The scientific method has served us well to date. The entrepreneurial method, informed by the principles of Austrian economics, can take society much further. Dr. Saras Sarasvathy joins the Economics For Business podcast to distill the essence of the value generating and wealth producing method. Download our knowledge graphic for the Entrepreneurial Method: There …

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Samuele Murtinu on How and Why Governments Fail in Venture Capital

August 3, 2021

Governments would like to take credit for the level of entrepreneurship in their countries. Entrepreneurship leads to value creation (happier voters) and economic growth (more to tax). But, as Per Bylund points out in the Seen, The Unseen And The Unrealized (, governments’ actions restrain entrepreneurship. Dr. Samuele Murtinu joins the Economics For Business podcast to explain …

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Steven Phelan on Innovation In Contracting

July 6, 2021

Entrepreneurs seek to provide markets with new value through innovation wherever they can identify an opportunity. Their vision is broad enough to include free market institutions such as contracting, where they identify new and better ways to expand the mutuality of value and better relationship models than those in the traditional legal approach. Key Takeaways …

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Irene Ng: Designing New Consumer Experiences in the Era of IoT

June 29, 2021

Value-as-experience is an insight from Austrian economics. Value is not inherent in objects or even in services. Value is not derived from functional use, but is the good feeling the consumer experiences during consumption. Consistent with the Austrian understanding of the market as a process, value is a process. It plays out in time in …

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How Medical Innovation Happens: Cash Clinics in Pharmacies and Big Box Stores

June 25, 2021

“Austrian economics is very much the economics of innovation, because we understand change, we understand uncertainty, and we understand that there is a constant search for betterment.” A new world of medical entrepreneurship is growing. Concierge and cash-only practices, walk-in cash clinics, medical tourism, and cost-sharing plans are just a few of the ways free-market …

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Sergio Alberich on Capital Structure and Capital Flexibility

June 22, 2021

The proper selection of a firm’s financial source does not guarantee its success, but the wrong one assures its failure. Austrian capital theory delivers actionable insights for business. Austrian theory emphasizes capital’s economic role in generating customer revenue flows. Since these flows are variable, entrepreneurial capital must exhibit a capacity for agile and flexible combination …

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Andrew Frazier on Running Your Business

June 15, 2021

There’s a middle class of businesses that are the backbone of the economy. Professor Saras Sarasvathy coined that term, and we’re pleased to adopt it. These businesses sit between the big corporations of the major stock indexes and the VC-funded gazelles and unicorns of Silicon Valley and Silicon Hills. The watchwords for these backbone businesses …

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Bill Sanders: How Creative Conflict Expands the Value Pie

June 8, 2021

Value facilitation is a creative act of imagination, design, assembly, communication and agile responsiveness. Our Economics For Business model applies these actions in the pursuit of new economic value. Bill Sanders, an expert in contract negotiation in business, applies them in dealmaking and business relationship management. His book, Creative Conflict: A Practical Guide For Business …

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Mark Schaefer on Cumulative Advantage

June 1, 2021

Economists recognize the phenomenon of increasing returns. Knowledge markets such as those for software, operating systems and platforms, tend to tilt in favor of a product or service or brand that gets ahead, even to the point of lock-in. There is a growing body of theory — often under the heading of complexity theory, and supported …

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Alan Payne on a Fascinating History of Competing Business Models

May 4, 2021

We can gain useful insights by winding business models back in time to see how they emerged and evolved. In the case of competing business models, we can analyze the different outcomes and perhaps assign some cause and effect analysis to interpret why one model variant performed better than another. How do we do that? …

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Bart Jackson on How to Be CEO

April 27, 2021

Bart Jackson is a CEO, and has studied the job and the people in it via thousands of survey responses and hundreds of interviews and multiple collaborations all over the world over many years. He’s distilled his findings in two books, The Art Of The CEO ( and CEO Of Yourself (, as well as his radio …

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Pete Farner on Investable Businesses and Investable Entrepreneurs

April 20, 2021

Veteran venture capital investor Pete Farner distills experience from four decades of entrepreneurship and investing on the Economics For Business Podcast #114. Passion, perseverance and intelligence are the three critical attributes he looks for in investable entrepreneurs, an insight drawn from a broad survey that we summarize here. Key Takeaways 1. The entrepreneurial mindset develops in …

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Jacqui Boland’s Entrepreneurial Journey on a Red Tricycle

April 13, 2021

This week on the Economics For Business Podcast we were gifted the opportunity of reviewing and assessing a completed entrepreneurial journey, courtesy of Jacqui Boland, founder, CEO and now alumna of Red Tricycle, following the acquisition of the company by the corporate owner of tinybeans, a family photo sharing and journaling app. Red Tricycle is …

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Desmond Ng: Entrepreneurial Empowerment and the Austrian Approach to Value-Generating Organizational Design

March 16, 2021

Austrian economics offers a wide range of knowledge and applications for better business performance. One of them is the design of high-value organizations (see Austrians understand the function of entrepreneurial businesses in the economy is to pursue and generate new economic value. That value is subjective, experienced by individuals as an improvement in their …

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Mauricio Miller: Entrepreneurship as the Path Upwards from Anywhere, for Anyone

February 23, 2021

Entrepreneurship is the best pathway for all people out of unsatisfactory economic circumstances. Mauricio Miller, who arrived in the US as a poor immigrant from Mexico, and who also experienced living in some of America’s worst neighborhoods, spent over 20 years running social services for people growing up and living like he did. His conclusion: …

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Dale Caldwell: Entrepreneur Zones Will Drive Accelerated Growth For Cities

January 26, 2021

Can entrepreneurship be a collaborative undertaking across multiple firms? Entrepreneur Zones are an idea from Dale Caldwell to boost the economic performance of cities, and represent one form of collaborative entrepreneurship. The business platform the Mises Institute is building — Economics For Business — represents another: an online collaboration of entrepreneurs to share knowledge, experience, and practices, while competing …

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Scott Livengood Reframes Entrepreneurship for New Audiences

January 5, 2021

Why isn’t everyone an entrepreneur? Perhaps we don’t explain it well enough or in language that lets everyone in on the wonders and the thrills of the pursuit of new economic value. Scott Livengood chooses reframing — thinking in new and different ways about an established concept — to widen the audience for entrepreneurship. Reframing entrepreneurship in …

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Vishal Gupta and the Nobel Prize For Entrepreneurship Research

December 15, 2020

Researchers into entrepreneurship have a powerful incentive to identify new insights about how businesses grow and thrive. Happily for everyone involved in business and innovation, entrepreneurial research is thriving, blossoming, and flourishing. Professor Vishal Gupta’s book, Great Minds In Entrepreneurship Research, surveys thirty or more years of research papers that were awarded what is colloquially …

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How To Make The Customer Your Boss

December 8, 2020

Consumer sovereignty is a principle of Austrian economics. Here’s how entrepreneurs apply the principle in business, as told by Martin Lünendonk, co-founder of, as well as Finance Club and How to Make the Customer your Boss Download our “How To Make The Customer Your Boss” graphic at “There is only one boss. The …

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Ramon Ray’s Entrepreneurial Communities

November 24, 2020

“Small business” is just a government classification. Entrepreneurial businesses serving well-defined communities via creative specialization exhibit enormous economic productivity, energy and dynamism. Such businesses can not be defined quantitatively as small, medium or large. They’re defined by their qualitative impact on their customers’ lives.  Entrepreneurial businesses care differently, and care more. Big businesses must pay …

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Clay Miller: 5 Austrian Principles Applicable to Your Business Today

November 17, 2020

Principles of Austrian economics have immediate applications in business. Clay Miller, a deeply experienced and highly successful global tech entrepreneur, makes the case via five principles drawn from five easily-accessible sources of Austrian economic theory, with many accompanying examples. Principle 1: The distribution of knowledge requires disaggregated thinking. Source: “The Use Of Knowledge In Society,” F.A. Hayek: …

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Curt Carlson on Innovation Champions

November 10, 2020

Key Takeaways and Actionable Insights Austrian economics sees an economy in motion, perpetually renewing itself. Economic agents (firms, customers, investors) constantly change their actions and strategies in response to outcome they mutually create. This further changes the outcome, which requires them to adjust afresh. Entrepreneurs live in a world where their beliefs and strategies are …

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Jeff Booth: How Entrepreneurs Can Harness the Power of Technological Deflation

October 27, 2020

What is technological deflation, and how can entrepreneurs take advantage of it? By combining already available and easily accessible technologies to facilitate the accelerated information flows that constitute value in the 21st Century: higher quality, faster speeds, lower costs. Jeff Booth explains. FREE DOWNLOAD: “Value Then vs. Value Now” (PDF): Key Takeaways and Actionable …

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David K. Hurst: Managing People-as-Ends and Not People-as-Means

October 20, 2020

In many situations, the complexities in managing a diverse and layered team of people are to view individuals as ends and not means. Management and organizational frameworks often treat people as means. The business ends are external: so-called shareholder value, or stakeholder value, which is fashionable today, or simply revenue and unit sales goals, or …

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Professor Matthew McCaffrey on the Austrian Definition of Capital and its Application for the Health of Your Business

October 13, 2020

Key Takeaways and Actionable Insights An understanding of the Austrian definition of capital is tremendously useful to all business owners and managers. What is capital? Austrian economics has a precise and distinctive definition — unlike business schools and most business publications, books, and columnists. Among those entities, the term capital tends to be used very …

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Allan Branch: Entrepreneurs Are Authors Writing Their Own Story

October 6, 2020

Key Takeaways and Actionable Insights Entrepreneurship is a way of life that can be learned around the dinner table. Allan’s parents were entrepreneurs, although it would never have occurred to him to call them that. They were in the service business, including restaurants and car washes. As a kid, Allan would help around the car …

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