Podcast Notes Playlist: Latest Episodes The 10 Core Myths Still Taught in Business Schools | Frankly 99
Jun 29, 2025
Nate Hagens, Director of The Institute for the Study of Energy and Our Future, dives into the myths that pervade business school curriculums. He argues that the conventional narrative of infinite growth fails to recognize our biophysical realities. Hagens critiques the view of humans as rational actors, emphasizes the vital role of energy in economics, and sheds light on misconceptions about money and debt. He advocates for rethinking economic success beyond GDP, aiming for a system that respects ecological limits and human complexities.
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From Chicago To Bigger Questions
- Nate Hagens recounts graduating from the University of Chicago with a master's in finance thirty years ago.
- He says business school taught a narrow boundary story that shaped his later curiosity about real-world systems.
Scale Drives Concentration
- Modern production often has falling marginal costs due to automation and networks.
- Falling costs favor scale and concentration, making winner-take-all markets the default, not exceptions.
Energy Underpins The Economy
- Energy is the foundational input; one barrel of oil equals years of human labor in work potential.
- Treating energy as a commodity aside from capital and labor masks civilization's dependence and limits.
