This article shows a good relation between micro-economic theory and market research. The only way to know the market is to research it and find out what the preferences of the market are. This explains why it seems more simple to find out how to change economic actions to save a company money than to pick an appropriate economic strategy for an economy. There are many different parts to the puzzle and many times these issues are addressed past the point of no return.
This article is a great example of how economics has the great potential to make a big impact on the world in the future. Saving money in a business is always important and utilizing economics to find ways to do this is a great utilization of resources. More people need to become educated about economics as a whole and understand the impact economics have on our day to day lives.
This article is great for people who still believe in this country and want the economy to be fixed. These economists are our best shot in fixing the economy. To change the decisions and ways of thinking in huge companies, is a great start in finding ways to save money and utilize its resources. Hopefully we find a way to end this debt soon, but im glad to know their are economists trying to fix the problem in hands on activity.
I totally agree that economists opinions are extremely valuable, I also hope that the debt would decrease, but I don't think it will. There are so many countries facing debt for several different reasons. And it cannot easily be fixed.
I agree with these points as well. However, very few people choose to look at debt in the long term and resort to looking at the debt figures in the short term. Fixing the debt crisis is definitely a long term problem. I believe the economists ideals of sacrificing short term progress for the overall progress of long term debt soultion is the correct path.
Some people may think that these micro-economists are merely pointing out the obvious; however, why haven't the business exec's come to these conclusions for the better of their respective companies before these economists did? Economists have a knack for taking complex problems and presenting simple answers that seem so obvious once they are stated. It just takes a different view. Instead of looking at problems in the company from a business/executive view, let an economist provide his/her opinion.
This article was interesting on how market research and micro economic thinking can go together. I was really hooked when they tested out that consumers rather buy the second set of car (detailed paintwork) instead of the first set of cars. They proved that more detail could provide more revenue and it increased sales and prices.
I think economists need to be taken more seriously. Although it does no relate to this article, there is a reason why Ron Paul gave up his government position. Because he knows the current people in power are not willing to do what it takes to fix this nation and he understands that the public have a distorted view of what the job of the government is. Only then will this country be fixed. That and with the proper guidance from economists. The only problem is, the necessary steps are not favorable by the masses thus it is hard to do what needs to be done
This article showed how market research and economics go hand in hand. They gave a good example of this working by putting the detailed and un-detailed information of the cars up at the auctions. I thought it was really interesting that the more detailed the information, the faster the car sold and for a higher price. This goes to show that the details are needed when it comes to fixing the economy and that the big picture is not the only thing that this country needs to be looking at. This shows that economists are relevant and need to be heard more often.
After having read this article, my impressions are to follow the leaders and everyone will be fine. Big corporations have figured out how to maintain the equilbrium at a steady state. So why are the smaller companies doing the same thing? Because of lack of knowledge. We need more people to become educated on subjects displayed in this article. Some include wastful advertising and market research of the typical user. This is a strong argument relayed to the audience. The more people know about how to find the most efficent and benefical to all customers and suppliers. Economists need more input on the business that goes behind some of these failing companies in order to bring them back afloat, as well as Americas economy.
As a marketing major it is awesome to see that you can use economics to figure out a ideal equation for users and advertisers. However it is scary at the same time for these agencies to be able to see your trending behavior and if the wrong person got hold of the information, it could be bad. and too much knowledge could lead to overall control for the firms and none of the users.
It makes sense for microeconomists to be employed for marketing purposes. They are scientific minded, and are also talented mathematicians. As we move into the future we can be certain that the internet will continue to play a greater roll in commerce. The bits and bites of E-commerce, marketing and metrics are naturally going to require marketers who have proficiency working with numbers in addition to traditional marketing savvy. I guess now people who have majors in economics, either micro, or macro, now have a better prospective for finding a job after graduating, because the market will continue to recognize the talents these people have.
This article was very interesting to read how so many people in the economics field are finding jobs withing marketing. I am not too shocked by that outcome though. As the financial situation is changing so must the people. It makes perfect sense to have people in the field of economics work marketing jobs. Economist understand how change in the business world could play out. The knowledge they have puts them in a perfect situation for marketing
Economist seem to be largely overlooked in this country. Many Americans are turning to the government to fix everything, but when the boys on the Hill try and step in, the populace throws a bitch fit and complains that socialism is taking over America. We have a pretty stupid population here in the states. Such simple research as done by these internet and software giants proved very true. They found simple ways to increase revenue and send everyone home happy.
I really like the idea of this paper and the way it talks to people who still believe in this economy and want it to be fixed. This article helps me to see that Market Research and Economics correlate very well with one another. The more information that was available for the vehicle in the auction sold more quickly and for a higher price. This is obviously appealing to any owner. I also like to that economic professionals are getting marketing jobs.
This article was very interesting to read! It shows how so many people have not lost their confidence and are continuing to find jobs involved with marketing. It was thought for a lot of college students majoring in marketing, that there weren't many jobs available. This should help encourage them. Our economy and country is always changing it is important to stay involved with our country, Looking at our government to fix our problems won't work, it takes individuals to step up and watch and hopefully improve the overall economy.
This was a very interesting article that I feel gives some hope to the future of the US economy. If we were able to study the condition of our economy instantaneously we would be able to make much better decision. With further advancements in technology and an increasingly transparent market the economy will slowly improve with time.
I think this article is interesting because it shows that economists do not sit around all day looking at graphs of GDP and inflation. It gives hope that there are other ways to use economics to better our lives, from bandwidth use to our shopping experience on Ebay. One good thing about economists is that they will always find a new way of looking at the world and our markets.
I agree with this article. I feel that is really important that the micro side of economics is also important for nation as a whole. A lot of people gave dis belief to this country;s economy, but that's going to change. Some still see the big picture and how yes, our economy has not done as well as it should be, but it will with the many changes US is bringing to the tanle.
This shows how private businesses are the innovator and engine of the country, not the government. If you wanted to fix the United States' problem of economic malaise, by increasing economic growth, than the government must allow for businesses to grow by reducing regulation, lowering barriers to entry, and simplifying the tax code. Also, legalize weed.
The article explains how well economists have helped businesses, such as google and Microsoft, increase their revenues and business. They have figured out a way to manipulate us into clicking on ads more often, and increasing the amount of money they make. Thats great, but we need the economists to help the world get out of an economic crisis that we are currently in.
It's good to know companies recognize that economists are so versatile and can help solve so many problems. Obviously it would be nice if the leading economists were working on public issues rather than private companies. Yet it is hard to fault someone for making money however hey can...
This article is a great educational device for those who wonder what economists do. Economists are the solution to our economic crisis. Big business realizes this, but not the politicians. Politicians try to act business savvy but the fact is, they are politicians. They can create change in law, but not in the way businesses function.
This is a very interesting theory. I agree that more information is good, but if there is too much info people walk away. The same goes with the advertising online. If someone sees the same thing over and over and over then they might intentionally not buy from that company as a little "take that" to that company. Also I thought the quote "Search terms like “job”, “benefits” and “solitaire” are closely correlated with unemployment claims (see chart)." is hilarious! Solitaire is related to unemployment!
This article is a prime example of how micro-economists are revolutionizing markets discipline by working with corporations that have the most potential. Along with market researchers, micro-economists exam the markets and proceed with what best suits the particular market. In my point of view, having these professionals working with big corporations brings the economy in a right direction. Not only are they focusing on the big picture (the economy), but also working with consumers and what best suits them in their purchases.
I like how the article takes economic principles seeming unrelated to other fields of business and makes them function more efficiently. When they are speaking of the peaks and troughs in bandwidth usage my brain automatically goes to supply and demand. It is important to practice mirroring principles learned in the classroom in the business world, great concept as I am almost graduating out into that business setting. Having an economist outlook can lead to influencing decision maker’s behaviors, observing thinks other in the industry may not have thought of.
A great look into studying the relationship between buyer and seller. Obviously, ads that are more targeted towards their most likely "clickers" will result in greater attention paid, but they made a great case on how frequency isnt exactly the issue, rather it is content and timing.
This is why I love the technology industry. It continuously pushes the boundaries and increases efficiency for almost every single market it touches. In the future, Yahoo! may even be able to develop an algorithm that re-distributes bandwidth amongst the different hosts. Cutting off 80% of the excess bandwidth would be a massive increase in efficiency and would increase overall marginal product of capital. As a result, the unemployment rate would fall because firms will now increase labor until MPK and MPL are equal.
Also, massive kudos to Microsoft for realizing consumers hate being bombarded with ads! For me, I'm disinclined to buy a product that has been manufactured by a company that constantly bombs me with ads. The power of the consumer is limitless and untapped, and sending these kinds of messages to manufacturers is the only way to facilitate change that is favorable to the consumer for once.
That cartoon looks very hilarious. In fact the characters in that cartoon picture are laughing their heart out. It is all about the economists who making markets work better. Thanks a lot for such a entertaining and informative page.
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