The silence of Mammon
Dec 17th 2009
From The Economist print edition
Business people should stand up for themselves
Illustration by Brett Ryder
HENRY HAZLITT, one of the great popularisers of free-market thinking, once said that
good ideas have
Global Developing Markets Issue
Much of how you have been trained in you management and economic education
has centered around the American market place. That means one is selling
products to a market that has relatively high income by world s
In the Next Industrial Revolution, Atoms Are the New Bits
By Chris Anderson
January 25, 2010 | 12:00 pm | Wired Feb 2010
In an age of open source, custom-fabricated, DIY product design, all
TSOGT, Mongolia - Waves from the global economic downturn hit Sodnomdarjaa Khaltarkhuu when bank officials showed up at his tent on
the edge of the Gobi desert and threatened to foreclose on his goats, sheep and camels.
Professors James Gwartney (Florida State University), Richard Stroup (Montana
State University) and Dwight Lee (Georgia University), three longtime colleagues
of mine, have recently published "Common Sense Economics."
The first is incentives matter
The debt to pleasure
A Nobel prizewinner argues for an overhaul of the theory of consumer choice
Apr 27th 2013 |From the print edition
SOVEREIGN in tastes, steely-eyed and point-on in perception of risk, and relentless in maximisation of
Thinking Like An Economist
There is a three part strategy you should consider as you begin thinking like an economist
and as you plan your answers to WSJ articles etc.
Step #1. Incentives Matter.
Human beings operate based on incentives. These incentives
Ways Developing Market Firms are Changing the Rules of the
1. Contract out ever more work up to the point of all but core
2. Use existing technology in imaginative news ways to cut
3. Apply mass production techniques in n
Here are two questions to think about and discuss on Weds.
1. We have often heard that if it is worth doing at all it is worth doing well. What would economics say?
2. Is is wrong the profit from the "pain" of others? What would economics say?
Have fun an
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Figure 4.15 The Effects of Price or Income Changes on the Budget Constraint
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EXHIBIT 126 Linear Cost Function: T
TC ATC 0 i
Typical Output Range
EXHIBIT 127 Quadratic Cost Emction: TC : a + bQ (:92
3dr 'c Cost Ehn
Rational Actor Paradigm
(Taken From Managerial Economics by Luke M. Froeb and Brian T. McCann)
1. Economic actors act rationally, optimally, and self interestedly.
2. Thus in general which rational actors make mistakes it is for one the two
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Estimation of Short-Run Cost Functions
The iln;ll?ki\ o f *;h(~fl-ritnCO\I> rc'\tal\ hon a lirm'r, co.;r\ vary In rcspnn.;c to changer
in c)utput within a time span
The Economist Magazine
In praise of laziness
Businesspeople would be better off if they did less and thought more
Aug 17th 2013 |From the print edition
THERE is a never-ending supply of business gurus telling us how we can, and must, do more.
Special report: The Nordic countries
The Nordic countries are reinventing their
model of capitalism, says Adrian Wooldridge
Feb 2nd 2013 |From the print edition The Economist
THIRTY YEARS AGO Margaret Thatcher turned Britain into the world
Seven Core Principles
Taken from Frank and Bernanke, Microeconomics, 4E
1. Scarcity Principle (No Such Thing as a Free Lunch)
Having more of one thing usually means less of another since resources are scarce.
2. The Cost Benefit Principle.
Drake Bennett: A freelance work force
Some Things to Remember From this Class
(Taken from Managerial Economics by Froeb and McCann)
1. Use the rational actor paradigm to predict behavior. Another way to say this is
2. use benefit-cost analysis to evaluate decisions,
OCTOBER 27, 2008
The Age of Prosperity Is Over
This administration and Congress will be remembered like Herbert Hoover.
MORE IN OPINION
About a year a
ECONOMIES OF SCALE
A. PRODUCTION B. SELLING 0R
a) Specialisation I Advertising |
and skills Specialisation