A major insight of Austrian economics is the value of dispersed tacit knowledge – things you or your colleagues or your employees know that no-one else knows. There are skills accumulated over years of practice, ways of doing things that have been honed through many cycles of trial and error, close relationships based on years of listening to customers and responding to their needs, and observing their reactions. None of this is captured in strategy documents or powerpoints or spreadsheets. Yet it’s invaluable to your company, your operations, your customers’ satisfaction, your brand, and your trust and reputation.
Valorising The Dispersed Knowledge: A Bottom-Up Strategy For The Firm.
An encapsulation by GABRIELE MARASTI.
Original Paper: When Henry Met Fritz