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.
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.