The reason we don’t see falling prices is because we are or the central banks are creating a lot of money all the time so that there’s more money than goods. I think this is a segway where we can also go a bit deeper. This is what is meant by consumer’s sovereignty. It used to be the case when we had the Great Depression, central banks were dealing in gold and, gold is actually real. Because the economy is not about physical stuff. Austrian economics is one of the marginalised schools of thoughts in economics. Per: I’m into theory and I do entrepreneurship theory. Per: I like to say that they are creating our tomorrow. Even though it’s formal theorising it is not empirically driven. Businesses will start going bankrupt and that causes ripple effects, too. But it is for me to be clever about what I’m writing. Austrian economics has a little bit of a resurgence in the past decade or so, but it’s still a small school without any influence. It’s not that easy. That’s not really how it works. Under consumer sovereignty, consumer preferences determine the composition of goods that are produced in the economy. To print whole lot more money and I mean print figuratively because we don’t actually print bills a lot more and more because everything is so digitalised now. In a sense, they discover Austrian economic theory by doing it and they discover that doing certain things will not work and that does not ever work. In that sense, they might be overvalued because I think creating jobs is not what they should be focusing on and it’s not really their contribution. Petri: Was that your first choice to put the Swedish taxpayers’ money in good use and go surfing? And we can talk about how much they change how they’re measuring inflation. And I entered the realm of Austrian economics as unfortunately most people do today that is through politics and especially through getting involved in or at least getting exposed to some form of libertarian-leaning political activism. The splashing of waves is a fantastic sound. Yeah. All episode notes and transcripts: http://www.talkswithpetri.com/. But more of a social system. Per: Good ideas should be repeated. Whoever is best at adjusting to and recognising why they failed would be able to incorporate that in their own solution and thereby avoid that mistake. They seem like they are much more profitable than they otherwise would, but we’re creating all these new houses. I didn’t want to lock myself in but now subscriptions have become so ubiquitous and so common that people sign up for paying a monthly fee for pretty much everything. There’s really not a lot of people interested in buying them. If you look at other theories, they would just study the crash. And the 1870s was a very important decade in economics. Petri: Do we have any secrets for those founders or people who actually have their own business and they building it? So I figured that might be a good idea. And that scares me a lot because…. There’s a lot more of seeing people and fitting skill sets and attitudes. Even if you are a huge corporation. And then why do we have a burst? Embrace negotiations with a creative mindset without compromises, Value-based selling with sales cowboys and the dark side of customer relationships, Average Joe – the tech genius could be you, Success through failure, innovation and imitation, Building communities with the standard you walk past, Personalised learning with service design thinking, Finder, minder, grinder and a marmot advocate. And Austrians would say that that’s starting half white. An Austrian would start with saying there’s an artificial boom that leads to the crash. And then they calculating the costs and then figure out the price based on cost-plus profit, and then they start advertising or open the shop or whatever. That is very interesting and I learn a lot about the Austrian take on things. So this goes as a ripple effect through the economy changing prices. That’s a very powerful rule of thumb. They responded right away as soon as I submitted my application, they sent me a FedEx package with information and things like that and called me and whatnot else. Not through artificial profit opportunities created by new money. I wanted to get to the sun and the ocean, I suppose. In college, I left for Honolulu and studied there for a whole year. India . Of course, we have become a whole lot more well-advanced and sophisticated in terms of mathematical modelling and statistical analysis and things like that. Petri: Which is pretty much the discussion we had one hour ago about the political cycles and short-terminism. We’re contributing both and that enables us to do something. Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. But others, when they actually address the ideas, I try to discuss with them and push back a little bit and explain what I meant. Everything in the economy is connected. Petri: They are like practical economists? And in that sense, we are recognising entrepreneurs as job creators. I put it in a regular envelope and then put two sheets of paper around it with some tape hoping that the postal office will not destroy the pin while in delivery. And you get relief, no pun intended. The following are illustrative examples of consumer sovereignty. It’s a cluster of entrepreneurial errors caused by this new money. As the world’s third largest economy, Japan’s central bank has been one of the most aggressive practitioners of quantitative easing – in 2016 it lowered interest rates below zero – which has helped fueled a greater demand for gold. We saw after the .com bubble burst there was a housing bubble created because that’s where the money went. It’s not stuff. What’s the matter with people? And one of my pet peeves is the cost-plus method for pricing, which is still being taught in MBA programs, which is exactly what I just talked about as being the wrong way of approaching it. Government’s restriction on production and sale will hinder the sovereignty of the consumer. Why is that? We would probably lose a lot along the way. And then that affects the price and it’s more than the official inflation rates. That’s one of those things that I remember from studying in Honolulu, where I was like, Hmm, I am obviously a little more radical in my views of things than I thought. Under capitalism, consumer acts like a king. I forced myself because I found the solution to how to do this in ’98. For people change their behaviour with as these prices change and at the end, most prices will have adjusted to this new level of the money supply. It’s just like the gut feeling, you know? But each and every click, each and every article you do it. Petri: If you could be a co-founder of any startup in any era, which one would you choose? I was somewhat opposed to meddling too much with the economy and the thinking that people should be able to earn their own living and start businesses and not be taxed to death, which was basically the case we’re talking in the seventies and eighties in Sweden. Because when one business goes bankrupt, that affects their suppliers and will no longer get paid and it affects competitors too and so forth.

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