Thursday, October 20, 2005

Where economics and business meet!

Throw an engineer into a sea of books about economics, business and management! And give him a job to observe the world. Ask him to figure out how do they all fit together!

That is me!

Let me try the pole vault!

Economics, well, sound economics, talks about markets driving prosperity! And that innovation drives markets is not mainstream sound economics, but is gaining lots of ground. Well, Austrian economics was a pioneer because it emphasised entrepreneurship and innovation and applies it consistently.

Business is about adding value, it is not about profits!

Innovation is about creating value!

There are lots of other places that they merge but this, i consider, quite fundamental. Concentrating on supply and demand will not enable you to determine prices or make economies prosper! Now all this may be standard stuff for seasoned managers, but there are very few of that.

My next blog post will be about the intersection and exception between statistics and probabiliity.

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