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. Krugman’s article serves to elucidate the world of economics for businesspeople who are so close to it and yet are continually frustrated by what they see.
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A Magazine Article Is Not a Book I’m giving this one star not because the content isn’t good – Krugman’s explanation of the different analytical approaches needed to discuss economic issues and business problems is typically clear, thoughtful, and relevant – but because this book is a rip-off, plain and simple.This is nothing more or less than a 100% faithful reprint of an article Krugman published in the January/February 1996 Harvard Business Review with the same title. There are no updates whatsoever, so readers will enjoy a stroll down memory lane as they read about the GATT, 1994-era monetary policy, and the Mexican peso crisis. Not that those references have become less appropriate with time, but I would have appreciated some sort of introduction or afterword discussing how Krugman’s analysis is as timely as ever. After all, George W. Bush, “America’s first President with an MBA”, pursued exactly the kind of mistaken trade and economic growth policies that Krugman warns of here; readers who want more detailed discussion of specific policy missteps should read his excellent 2003 New York Times essay collection “The Great Unraveling”.The article is available for free online ([...]), so I would recommend that prospective buyers simply check it out there. 6,000 words is a great essay, but when you are holding those words in gigantic type on tiny pages, it makes for an underwhelming book. Save your $8.95 and pick up some of Krugman’s other works.
Damned by Praise Aaron, while I take your point, and I did find the article online in PDF form, I think your praise outweighs your criticism. The insights are still useful especially in these times where business interests hold so much sway over our national politics. The argument is the important thing here. America needs to hear it, however it’s delivered, as one part of an important public debate.
Don’t you want to become one of the few privileged people who can make sense of all the economic mess that is going on in the US and Europe? Just read it. It only takes common sense. No particular knowledge of economic science required.