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. Thank you to our sponsors! Truflation: Learn about what prices are actually doing by going to https://truflation.com/ Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/ River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G 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 This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe