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What Economists Get Wrong About Entrepreneurship and Growth
What if economists have misunderstood the true engine of prosperity? In our latest episode I interview economist Per Bylund, whose work challenges mainstream thinking on how economic growth actually happens. Rather than viewing entrepreneurship as a side effect of capital or policy, Bylund argues it is the imaginative, uncertainty-bearing force behind value creation and societal progress.
This conversation explores the flaws in conventional economic models, the unintended consequences of government regulation, and the overlooked power of entrepreneurial vision in shaping the future. Whether you're a business leader, policymaker, student, or investor, this episode will change how you think about prosperity and innovation.
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Chapters
00:00 Introduction to Economic Growth and Entrepreneurship
07:59 Redefining Entrepreneurship: A Market Function
15:49 Uncertainty vs. Risk in Entrepreneurship
20:49 Models of Entrepreneurship and Unpredictability
31:47 The Role of Imagination in Market Creation
35:19 Value, Price, and Cost in Entrepreneurship
40:25 Navigating Uncertainty in Product Development
43:06 The Role of Visionary Entrepreneurs
45:03 Service Industry Innovations
47:15 Outsourcing and Industry Fragmentation
52:02 The Impact of AI on Entrepreneurship
56:14 Regulation and Its Effects on Innovation
58:11 The Cost of Regulation on Prosperity
01:04:15 The Future of Economic Growth and Entrepreneurship
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Published on 4 months ago