The 10 Core Myths Still Taught in Business Schools | Frankly 99

Video Description

(Recorded June 9, 2025) Economics departments around the world teach a narrow boundary story of the way our world works. A narrative of infinite growth driven by consumption and money, which has dominated our culture and unknowingly shaped the way we live. But does this story really reflect our biophysical reality – or the full scope of humanity’s role within it? In this week’s Frankly, Nate identifies 10 myths being taught in business schools today, and the massive implications these misconceptions hold for society. From the way we define value and the boundaries of success to the idolization of self-interest and human ingenuity, these so-called laws of economics were developed in a different world than the one we inhabit now. By exposing the unquestioned myths that are perpetuated in MBA education, Nate aims to sow the seeds of an economic system rooted in the real world – which may one day become a reality. What would it take for the long-held “immutable truths” of economic theory to be questioned, and eventually changed to better reflect our material limits? How do we redefine "success" in a way that does not posit GDP as the main indicator of human or economic well being? Most importantly, if we shed ourselves of these delusions, how might we reimagine an economic system that centers the well-being of citizens, the health of the planet, and all of the species we share it with? Show Notes and More: https://www.thegreatsimplification.com/frankly-original/the-10-core-myths-still-taught-in-business-schools Want to learn the broad overview of The Great Simplification in 30 minutes? Watch our Animated Movie: https://youtu.be/-xr9rIQxwj4?feature=shared --- Support The Institute for the Study of Energy and Our Future: https://www.thegreatsimplification.com/support Join our Substack newsletter: https://natehagens.substack.com/ Join our Discord channel and connect with other listeners: https://discord.gg/ZFfQqtqMJf --- 00:00 - Introduction 02:33 - Price = Value 05:48 - Humans are Rational 08:29 - Supply Curves Slope Upward 11:38 - Energy is Just Another Input 19:28 - Money Comes from Savings 22:40 - Debt is a Neutral Tool 27:14 - GDP is the Measure of Progress 31:25 - Nature is a Subset of the Economy 34:16 - Markets Produce the Best Outcomes 36:49 - Economic Laws are Universal and Timeless 39:53 - Closing Thoughts