“How should business be conducted in today’s modern society? Think like an applied economist.” Globalization, information technology, and social networks, and all the trappings of the modern age continuously contribute to the reshaping of the business landscape. The businessman or the entrepreneur must not remain oblivious to these new challenges for ignoring those spells disaster in terms of profit maximization. The successful businessman or entrepreneur thinks like an applied economist. He or she is a meticulous gatherer of statistical information, a strategist, a visionary, and most of all, a possessor of a keen understanding of socio-economic forces. He or she “looks about” and takes the time to analyze business opportunities, constraints, and problems in a rational manner. He or she is “acquisitive” never forgetting that the firm he or she controls should maximize profit and remain ahead of the pack in terms of competitive advantage. He or she is “inquisitive” always fascinated by the perflexing behavior of customers, workers, and other stakeholders. The “entrepreneurial character” uses economics to get at the heart of problems and uses economics to find remarkable solutions to them. Therefore, the study of business remains unsatisfactory inless it is complemented by solid knowledge of economics.
Published in 2024.