Uploaded July 2026 | Updated September 2026, 2 weeks ago
What can economics actually teach you about running a business? From the mainstream, Per Bylund argues, very little—its models have no room for the entrepreneur at all. Austrian economics is a different matter. Working from Menger forward, Bylund lays out the sequence every business faces: costs come first and certain, value comes last and unknown. From that he draws the practical implications—why cost-plus pricing is a recipe for failure, why no producer has "pricing power" even as a monopolist, why the firm is best understood as a temporary island of specialization, and why the entrepreneur's only real question is how best to serve the consumer.
Recorded at the Mises Institute in Auburn, Alabama, on July 23, 2026.
Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.
0:00 Intro: Cantillon, the K-Shaped Economy, and Recommended Reading
2:59 Monetary Non-Neutrality: Locke, Hume, and Mises
6:49 Parsing Cantillon: The Gold and Silver Mines
12:53 "Lent or Spent": How New Money Enters Unevenly
18:45 The Household Impact and the Rise of the Artisan
23:45 The Losers: Property Owners and Fixed-Wage Earners
26:14 Emigration, Rising Rents, and the Cantillon Effect Summarized
31:56 The K-Shaped Economy I: Industry Growth
35:25 The K-Shaped Economy II: Consumption Patterns
38:09 The K-Shaped Economy III: Markets vs. Sentiment
42:09 Conclusion: The Two Legs of the K
Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics at https://Mises.org.
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What can economics actually teach you about running a business? From the mainstream, Per Bylund argues, very little—its models have no room for the entrepreneur at all. Austrian economics is a different matter. Working from Menger forward, Bylund lays out the sequence every business faces: costs come first and certain, value comes last and unknown. From that he draws the practical implications—why cost-plus pricing is a recipe for failure, why no producer has "pricing power" even as a monopolist, why the firm is best understood as a temporary island of specialization, and why the entrepreneur's only real question is how best to serve the consumer.
Recorded at the Mises Institute in Auburn, Alabama, on July 23, 2026.
Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.
0:00 Intro: Cantillon, the K-Shaped Economy, and Recommended Reading
2:59 Monetary Non-Neutrality: Locke, Hume, and Mises
6:49 Parsing Cantillon: The Gold and Silver Mines
12:53 "Lent or Spent": How New Money Enters Unevenly
18:45 The Household Impact and the Rise of the Artisan
23:45 The Losers: Property Owners and Fixed-Wage Earners
26:14 Emigration, Rising Rents, and the Cantillon Effect Summarized
31:56 The K-Shaped Economy I: Industry Growth
35:25 The K-Shaped Economy II: Consumption Patterns
38:09 The K-Shaped Economy III: Markets vs. Sentiment
42:09 Conclusion: The Two Legs of the K
Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics at https://Mises.org.
X ► https://x.com/mises/
Facebook ► facebook.com/mises.institute
Instagram ► instagram.com/misesinstitute
SoundCloud ► soundcloud.com/misesmedia
Apple Podcasts ► podcasts.apple.com/us/artist/mises-institute/1280664810
Rumble ► rumble.com/c/c-2212754
Odysee ► odysee.com/@mises
Podcasts ► mises.org/podcasts
