An Economic Theory of Everything | AccountingWEB

An Economic Theory of Everything

[This post was written by VeraSage Institute Senior Fellow Ed Kless, who is the Senior Director, Partner Development and Strategy, at Sage].

One of my all time favorite TEDTalks is by Rory Sutherland, a principal at the advertising firm Ogilvy. His brilliant analysis was on display again at Zeitgeist 2011 in his talk, "Rediscovering a Lost Science."

The lessons here are many, but for me key learning is the link between Austrian and Behavioral economics:

  • All value is subjective, AND.
  • All prices are contextual.

The implications of these two statements together are profound and in my opinion amount to an economic theory of everything.

 

 

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VeraSage Institute is the most revolutionary think tank for professional knowledge firms-we challenge the professions to break free of practice methods that hurt the professions, undermine their purposes, and fail their clients. Among our quests: burying the billable hour and archaic timesheets; pricing on purpose; recognizing that professionals are knowledge workers, not machines; and improving the professions for posterity.

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