Most managers find it very difficult to defer to employees. But as Hayek argued, relevant knowledge to any productive task cannot be fully known by a central decision maker. Managers are often better off deferring to those who are dealing with the problems on the ground. The best managers constantly check their egoism.

Most statehouses only talk about cutting property taxes. On June 2, Florida actually voted to put it on the November ballot🗳️A genuine win for taxpayers! My take on the Florida model, in @EpochTimes features statements from leaders @RonDeSantis @JayCollinsFL & @GovGoneWild who made it happen🔗⬇️

Thanks @profgoose for the 🧵& featuring this work with @faubusiness colleague @BryanPCutsinger We find 87.5% of programmatic accreditor-association pairs are legally embedded or identical. In a fresh run of the data this morning, I also find that higher structural entanglement is associated with lower grad rates and higher borrower delinquency. Important context as the committee works through the governance proposals at @usdoegov this week!

Do you manage your company efficiently? Do you run a tight ship? If so, you probably think you've set your company up for success. But you didn't. You've set it up for failure. Efficiency is the wrong mindset for business leaders. It's maximalist thinking in a world of endless change and growth. You need to think like an entrepreneur. You need to BE an entrepreneur. amzn.to/4uxtHtX

If you're interested in entrepreneurship, or applied Austrian economics, you'll enjoy Venture Mode by @hhhastings and @mdpackard: venturemode.biz

New book just released! Venture Mode. This is a fun one. @hhhastings and I take aim at universities, and business schools specifically, as root causes of bad business leadership. Learn how to get your business out of "administration mode" and into "venture mode"! a.co/d/09ZcMUfl

My colleague @siriterjesen has written a fascinating and I think important essay on the socially healing power of connecting with our genealogical roots. There are some great tools available to do just that. theepochtimes.com/opinion/co…

Unsurprisingly, Stiglitz didn't read the book.

Is AGI already here? Well... it depends on what you mean by "intelligence." If intelligence is indistinguishable from the articulation of meaningful responses, then we're already close (or maybe there). But for me, the critical boundary between human and artificial intelligence is the possession of tacit knowledge. Tacit knowledge, succinctly, is that knowledge that comes only from experience--qualia as philosophers dub it. You can know what salt tastes like only by tasting it for yourself. Can AI ever possess tacit knowledge? I'm quite sure it doesn't have it yet and I'm pretty skeptical that it will ever have it. Of course, we don't actually know how or why we experience qualia, which David Chalmers famously dubbed "the hard problem of philosophy," so we can't really predict if AI will ever suddenly begin to have experience or not. The instinctive retort, of course, is that it probably doesn't matter, since it will inevitably *seem* as if they have experience. It can already talk as if it has experience. But here's why it matters. A TON of our intuition and judgment comes from tacit knowledge. What will I like on the menu? How must they be feeling right now? Will other people pay for this new product idea? Of course, the behavioral sciences have long argued that human judgments are highly error-prone and so mechanizing judgment algorithmically may improve it, reducing common biases. But this is a fundamental misunderstanding of judgment, I think. The most *human* aspects of judgment manifest most clearly where there is, and can be, no "right" answer. This sort of judgment is made primarily from tacit knowledge, or what is often called "intuition" or sometimes "system 1." AI will be able to give us answers, but I expect we'll learn pretty quickly that AI doesn't *feel* like we do and so never quite gets us like other people do. And that will be a massive and persistent barrier that will leave plenty for humans to still do.

Friends- I rarely push books but this is a must-read for anyone with entrepreneurial ambition, especially young people. Written by @hhhastings and @mdpackard, it's a concise and brutal takedown of the MBA "management" fixation in favor of understanding value at every stage from the consumer's perspective. Austrian flavored but not at all arcane or pedantic. Highly recommended! amazon.com/Venture-Mode-Admi…

📢 Call for Papers: Frank Knight – Intellectual Origins, Influence, and Continuing Relevance Strategic Change invites submissions exploring the multifaceted legacy of Frank Knight (1885-1972), one of economics' most influential yet underappreciated thinkers. Beyond his famous risk/uncertainty distinction, Knight's work spans price theory, entrepreneurship, philosophy of science, and the theory of the firm—offering rich insights for modern management and strategic research. 📅 Submission Deadline: Tuesday, 1 September 2026 🔗 Full call for papers here: lnkd.in/dT3sFaQc 🎓 Why Frank Knight Matters Today Knight's pluralistic approach opens novel avenues for addressing contemporary challenges: Balancing rigor and relevance in research Understanding uncertainty in entrepreneurial and strategic decision-making Exploring capitalism's ethical dimensions Bridging economics, management, and organization theory Rethinking the theory of the firm and organizational dynamics Topics of Interest We welcome papers on: ✅ Knight's place in modern entrepreneurship and management research ✅ His critique of static/dynamic distinctions in economic thought ✅ Price and distribution theory contributions ✅ Philosophy of science and methodological implications ✅ Political economy, freedom, markets, and governance ✅ Intellectual influences and evolution of his ideas ✅ His impact on scholars from Coase to contemporary researchers ✅ Critical perspectives and comparative studies Guest Editors 👥 Dr. Matthew McCaffrey (The University of Manchester, Alliance Manchester Business School, UK) 👥 Dr. Carmen Elena Dorobat (The Manchester Metropolitan University, UK) 👥 Dr. Mark Packard (Florida Atlantic University, USA) 👥 Prof. JC Spender (Kozminski University, Poland) 🌍 International contributions especially welcome! We encourage scholars outside the US and UK to share how Knight's ideas have been understood, applied, and critiqued in different regions and languages. 📧 Questions? Please contact a member of the Guest Editorial Team #CallForPapers #FrankKnight #Entrepreneurship #Uncertainty #TheoryOfTheFirm #StrategicManagement #OrganizationTheory #PhilosophyOfScience #AcademicResearch #StrategicChange #ManagementResearch #EconomicThought

When you overlook the entrepreneur in economic theory, it leads you to bad conclusions.

Proud to say that @mdpackard's and my article "Towards an entrepreneurial judgement theory: Building the cognitive microfoundations of entrepreneurial judgement" was awarded the International Small Business Journal's "Highly Commended" paper award 2025!

Please help spreading the word: the Entrepreneurship Researchers' Exchange is live. With two posts available already! linkedin.com/posts/perbylund…

As we open a tenure-track search in Health Adminstration (health economists also welcome to apply) at @faubusiness, a reminder that one benefit is our nearly year-long perfect weather 🌴😎 @FloridaAtlantic

Hopefully more than just madmen and economists understand the market effects of entrepreneurship! Relatedly, I published a paper in an obscure journal (special issue) explaining the infinite nature and process of entrepreneurship. revistamises.org.br/misesjou…

"Did they predict 2008?" Yes, the Austrians did. In fact, it's what led me to their school of thought.

I know many have responded to this, but I get why Marx's exploitation theory is popular. Anyone who's worked for a large corporation likely understands the critique as plausible. Big orgs often don't care as much as they probably should about their employees. Employees often feel like expendable cogs in a machine. But while critics of Marx (rightly) focus on his utterly false labor theory of value, another key problem with Marx's analysis that I don't see discussed much is that it is utterly and blatantly one-sided. On the flip side, however, employees often feel no loyalty to their employer eother. In fact, employers often have to guard against employee theft and fraud. Employees can up and quit anytime. They can then run to a competitor and share their former employer's secrets. Employment is a voluntary arrangement that, when both parties come at it with mutual respect, tends to be highly mutually beneficial. In fact, jobs at many big companies tend to be highly coveted. Modern management theory has put the lie to Marx's exploitation theory. Good management, and the greatest productivity, comes not from exploitation but the opposite. It comes from being a great place to work. Marx got economics VERY wrong. But his organization theory, and in particular his understanding of corporations, is just as wrong. Not everyone loves working for big corporations. But that's just fine, not everyone has to work for one. One thing Marx got (partially) right is that big businesses often end up with too much power. But he thought this was because of their excessive wealth, equating wealth with power. But wealth is a certain type of soft power. It is non-coercive power. The problems Marx identified occur when wealthy "buy" political (coercive) power. We call this "regulatory capture." But the problem is not the wealth (wealth is good, actually), the problem is the political power and its corruptibility. The unholy alliance between politics and business is criticized by Marxists and capitalists alike.

Neoclassical models treat competition as an end-state with equilibrium already achieved. But how do we get there? Israel Kirzner restores the missing actor by showing that markets are a process of discovery and error correction.

Cantillon effect. This "inequality crisis" is BECAUSE OF inflation.