Success in business — serving customers well, and achieving growth in revenues and assets with a return on capital greater than its cost over the long term — is tied to knowledge-building, whereby everyone in the company learns more and more about specialized and advantaged methods of generating value for customers. Customer value fueled by knowledge-building flows back to the company as cash flow as a result of customers’ willingness to pay (which, itself, is a piece of knowledge to be discovered through testing and experimentation). Show notes: https://mises.org/library/bart-vanderhaegen-how-criticism-fuels-knowledge-creation-adaptive-entrepreneurial-firms Pactify Management: https://PactifyManagement.com Bart on Twitter: @B_Vanderhaegen Bart’s podcast: Fallible Management (https://Anchor.fm/FallibleManagement) Bart’s email: [email protected]