A Quote by Michael Porter
As a multisport athlete, I was always fascinated with competition and how to win. At HBS and later at the Harvard Department of Economics, I was drawn to the field of competition and strategy because it tackles perhaps the most basic question in both business management and industrial economics: What determines corporate performance?
Related Quotes
And one of the worst effects was that by suppressing critical thought, it also suppressed critical thought in the field of economics and hampered the development of economics - and the country would fall back further and further in the economic competition with the West.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
I suppose the "dilemma" might come up if I see a black athlete from the U.S. squaring off against a white Canadian athlete. Who do I want to identify with? I certainly will not and cannot say that race determines how I see competition. I'm certainly aware of how race plays into the way others see and portray competition some times, but I don't have to invest in it that way myself. Unless it's boxing.
Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.
While the law [of competition] may be sometimes hard for the individual, it is best for the race, because it insures the survival of the fittest in every department. We accept and welcome, therefore, as conditions to which we must accommodate ourselves, great inequality of environment, the concentration of business, industrial and commercial, in the hands of a few, and the law of competition between these, as being not only beneficial, but essential for the future progress of the race.
Many of my students assume that government protection is the only thing ensuring decent wages for most American workers. But basic economics shows that competition between employers for workers can be very effective at preventing businesses from misbehaving.
My citizen activism is a direct outgrowth of a classical and fiscally conservative training in economics at Harvard. It is a perspective rooted in one of the most important concepts in economics - the need for government intervention in the presence of a market failure.
We should know that only replacing the economics of competition and greed with the economics of equitable cooperation will guarantee a globalization that takes advantage of potential efficiency gains in ways that also promote environmental protection, international equity, economic democracy, and variety.
People always say there is competition in nature, but I think that because we are human, it's not only competition. Because we are human we have something other than competition - sharing, helping others, or being oneself. Competition is really kind of ugly.
Competition always tends to bring about the most economical and efficient method of production. Those who are most successful in this competition will acquire more capital to increase their production still further; those who are least successful will be forced out of the field. So capitalist production tends constantly to be drawn into the hands of the most efficient.
Home economics should find its way into the curriculum of every school because the scientific study of a problem pertaining to food, shelter or clothing... raises manual labor that might be drudgery to the plane of intelligent effort that is always self-respecting...Home economics is not one department, in the sense in which dairying or entomology or soils is a department. It is not a single speciality... Many technical and educational departments will grow out of it as time goes on.
I'm a professor of economics and associate head of the MIT Department of Economics.
So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.
'Perfect competition' is considered both the ideal and the default state in Economics 101. So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand.
I started in the law; and the study of law, when it precedes the study of economics, gives you a set of foundation principles about how human beings interact. Economics is very useful, and I studied economics in graduate school. But without understanding the social and organizational context of economics, it becomes a theory without any groundwork.
I don't think Obama understands basic economics. Not economics that work. He may understand some theory that someone in Princeton sat and dreamed up, but it's not working.
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