Entrepreneurs and inflation

June 19, 2022

Per Bylund – TALKS WITH PETRI

Per Bylund talks about the root cause of inflation, how to deal with it and why founders have some inherent advantages. He also explains the fiat currency scam and explores the wonders of MMT.

Bio

Per Bylund is a Swede in Oklahoma, USA, where he works as associate professor of entrepreneurship and Johnny D. Pope Chair in the Spears School of Business at Oklahoma State University. He had careers in politics and as business consultant and systems developer before moving to the USA and starting a career in academia. He has also successfully failed as an entrepreneur no less than four times, experiences that he draws from when teaching students and writing columns for Entrepreneur magazine.

He is an author of two books, The Problem of Production: A Theory of the Firm (Routledge, 2016) and The Seen, the Unseen, and the Unrealized: How Regulations Affect Our Everyday Lives (Lexington, 2016), and has a third on the way (expected later in 2022). He is also actively discussing matters of the economy, entrepreneurship, and freedom on Twitter; follow him at @PerBylund.

WebsiteTwitter 

Episode notes

  • what should founders know about inflation at the moment?
  • what is inflation?
  • old vs. new definition of inflation
  • prices should be going down not rising over time
  • inflation measurements
  • redistribution from savers and fixed salaries to borrowers
  • inflation reduces your income
  • hidden taxation
  • how people dealt with inflation in the past
  • strategies for sales and purchase contracts & your cost structure
  • why you should not listen to the government
  • learning proper and sound economics
  • dilution of money vs. other issues (e.g. boom, trend, demand or supply issues)
  • stay out of long-term sales contracts
  • do not hold currency
  • understanding vs. predicting the economy
  • central bank money printing
  • where does the printed money go?
  • central banks are not stopping the money printing
  • impossible to predict people’s behaviour
  • mathematical models are not working
  • naïvety of modern economics
  • “pee in your pants” economics
  • crises are getting bigger
  • fiat currency scam
  • digital government currency vs. old fiat money
  • central bank digital coins (CBDC)
  • dangers of CBDC
  • possible outcomes
  • entrepreneurs are well positioned in the market
  • how to think about the economy?
  • Bylund’s new book coming up
  • you can understand economics with the right tools
  • stablecoins
  • market-based monies cause problems for politicians and governments
  • modern monetary theory (MMT) is not modern, monetary, nor theory
  • money is not about coins and bills: it’s the commonly used medium of exchange
  • governments did not create money
  • money arises from people’s actions
  • why founders have advantages that others don’t have
  • entrepreneurs are in the business of creating our tomorrow

Episode links