Remove Career Remove GDP Remove Merton
article thumbnail

What an Economist Brings to a Business Strategy

Harvard Business Review

Ask them if they apply much else from else from economics in their actual business careers, and you’re likely to hear “not much.”. For several decades after World War II, economists used statistical techniques to build increasingly complex models to forecast key macroeconomic variables, notably, GDP growth, inflation and unemployment.

article thumbnail

The Irish Banking Crisis: A Parable

Harvard Business Review

Heres what orthodox economics would have predicted for a country without banks: A collapse in the money supply, a credit crunch, a trade implosion, mass unemployment, an atomized GDP, and the gears of industry and commerce grinding to a crashing halt. Imagine all the veins in your body suddenly shrinking and collapsing — Avada Kedavra!!

Banking 15