Nobel-Prize-winning economist Paul Krugman argues that business leaders need to understand the differences between economic policy on the national and international scale and business strategy on the organizational scale. Economists deal with the closed system of a national economy, whereas executives live in the open-system world of business. Moreover, economists know that an economy must be run on the basis of general principles, but businesspeople are forever in search of the particular brilliant strategy.
Author Biography
Paul Krugman is a op-ed columnist for the The New York Times a professor of Economics and International Affairs at Princeton University. He was awarded the Nobel Prize for Economics in 2008.
