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What Economists Know That Managers Don’t (and Vice Versa)

Harvard Business Review

But what many economists generally gloss over is a notion that I will argue is highly complementary to market failures: management failures. In this worldview, disasters only happen because the rules of the game in which the businesses operate must be flawed. Businesses and management experts, in contrast, tend take the opposite position. For instance, poor decisions by managers at a company will be of more concern if the company is one of a few or, even worse, a monopoly.

What Economists Know That Managers Don’t (and Vice Versa)

Harvard Business Review

But what many economists generally gloss over is a notion that I will argue is highly complementary to market failures: management failures. In this worldview, disasters only happen because the rules of the game in which the businesses operate must be flawed. Businesses and management experts, in contrast, tend take the opposite position. For instance, poor decisions by managers at a company will be of more concern if the company is one of a few or, even worse, a monopoly.

How Blockchain Could Help Emerging Markets Leap Ahead

Harvard Business

This in turn boosted development by allowing relatively poor farmers to reliably send and receive payments at affordable rates, fostering economic growth by lowering transaction costs. Even better, blockchains can spur local high-tech innovation. Global trade, with local regulation facilitated by technology, works because technology makes the transaction costs manageable. The future is global, and so is blockchain innovation.