Harry Truman famously begged for a one-handed economist. Why? He was sick of his economic advisers saying "on the other hand." Charles Schultz expressed similar frustration here. The idea that economists hedge their bets or disagree constantly with one another is a feature of the discipline. We see it today over issues such as the deficit and health …
How not to rip off your customers
The title of this post surely seems somewhat strange. Surely any self-respecting business should be in the interest of making as much profit as possible, and the temptation might be to extract as much as you can from each customer interaction. But we know that such views can be too short-term. In many situations, while …
Google is putting the "auto" into automobile
If the last big revolution was replacing muscle power with machines, the next one is automating and augmenting more mental tasks. Henry Ford and compatriots replaced the horse, now Google is working to replace the driver. According to John Markoff in the New York Times, their self-driving cars have now logged over 140,000 miles on California …
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Business class vs. Economy online news
Newspapers like the New York Times and Wall Street Journal are currently experimenting with paywalls that prevent non-paying customers from accessing some content. But what if all customers could access the same content, but the "economy" (i.e. free) visitors saw ads and other clutter while the "business class" customers got a cleaner experience? Would that be a viable model? …
Pay what you want experiments. From Stephen King to Kickstarter
Back in 2000, Stephen King tried something new in selling a novel, The Plant. He decided to offer it exclusively online — in digital format — knowing that there was effectively no protection against copying. Of course, King was well aware that selfishness may be against him and so decided to offer his book in installments. …
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Digitopoly 