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Introduction

"Business economics is a field in "applied economics which uses "economic theory and quantitative methods to analyze "business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, "capital and product markets. A professional focus of the journal "Business Economics has been expressed as providing "practical information for people who apply economics in their jobs." Business economics is an integral part of traditional economics. It is an extension of economic concepts to the real business situations. It is an applied science in the sense of a tool of managerial decision-making and forward planning by management. In other words, Business economics is concerned with the application of economic theory to business management.

Selected article

""A swarm gathers on Wall Street during the bank panic in October 1907

The "Panic of 1907 was a "financial crisis that occurred in the United States when its "stock market fell close to 50 percent from its peak the previous year. Primary causes of the run included a retraction of "market liquidity by a number of "New York City banks, a loss of confidence among "depositors, and the absence of a statutory "lender of last resort. The crisis occurred after the failure of an attempt in October 1907 to "corner the market on "stock of the "United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs which later spread to affiliated banks and trusts, leading a week later to the downfall of the "Knickerbocker Trust Company—New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew "reserves from New York City banks. The panic would have deepened if not for the intervention of financier "J.P. Morgan, who pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the "banking system. By November the contagion had largely ended. The following year, Senator "Nelson W. Aldrich established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the "Federal Reserve System.


Selected picture

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Modern warehouse with "pallet rack storage system.
Photo credit: "Genghiskhanviet

Logistics is the management of the flow of goods between the point of origin and the point of consumption in order to meet some requirements, of customers or corporations. The resources managed in logistics can include physical items, such as food, materials, animals, equipment and liquids, as well as abstract items, such as time, information, particles, and energy. The logistics of physical items usually involves the integration of information flow, "material handling, "manufacturing, "packaging, "inventory, "transportation, "warehousing, and often "security. The complexity of logistics can be modeled, analyzed, visualized, and optimized by dedicated "simulation software. The minimization of the use of resources is a common motivation in logistics for import and export.

Selected economy

""North Tehran Towers.jpg

The economy of Iran is a "mixed and "transition economy with a large public sector. Some 60% of the economy is "centrally planned. It is dominated by "oil and gas production, although over "40 industries are directly involved in the "Tehran Stock Exchange, one of the best performing exchanges in the world over the past decade. With 10% of the world's "proven oil reserves and 15% of its "gas reserves, "Iran is considered an ""energy superpower".

It is the world's "eighteenth largest by "purchasing power parity (PPP) and "thirty-second by nominal "gross domestic product. The country is a member of "Next Eleven because of its high development potential.

A unique feature of Iran's economy is the presence of large religious foundations called "Bonyad, whose combined budgets represent more than 30% of "central government spending.


Selected quote

"Heroism and the respect it commands is a form of compensation by society for those who take "risks for others. And "entrepreneurship is a risky and heroic activity, necessary for growth or even the mere survival of the economy.

It is also necessarily collective on "epistemological grounds-to facilitate the development of "expertise. Someone who did not find something is providing others with knowledge, the best knowledge, that of absence (what does not work)-yet he gets little or no credit for it. He is a central part of the process with "incentives going to others and, what is worse, gets no respect.

I am an ingrate toward the man whose overconfidence caused him to open a "restaurant and fail, enjoying my nice meal while he is probably eating canned tuna.

In order to progress, modern society should be treating ruined entrepreneurs in the same way we honor dead "soldiers, perhaps not with as much honor, but using exactly the same logic (the entrepreneur is still alive, thought perhaps morally broken and socially stigmatized, particularly if he lives in Japan.) For there is no such thing as a failed soldier, dead or alive (unless he acted in a cowardly manner)-likewise, there is no such thing as a failed entrepreneur or failed "scientific researcher, any more than there is a successful babbler, philosophaster, commentator, consultant, lobbyist, or business school professor who does not take personals risks. (Sorry.)

Psychologists label ""overconfidence" a disease, blinding people to the odds of success when engaging in ventures. But there is a difference between benign, heroic type of risk taking that is beneficial to others, in the antifragile case and the nastier modern type related to negative "Black Swans, such as the overconfidence of "scientists" computing the risks of harm from the "Fukushima reactor. In the case of the former, what they call overconfidence is a good thing, not something to medicate.

"Nassim Taleb, "Antifragile, 2012

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On this day in Business history...

"June 22:

  • "1970 - "Michel Elefteriades, a Greek-Lebanese politician, artist, producer and entrepreneur, was born on this day.

Did you know...

  • ...that "Valrhona, a company based in the small town of Tain l'Hermitage in the "Rhône Valley in "France, is one of the world's leading manufacturers of high-quality "chocolate?
  • ... that the "GDP deflator (implicit price deflator for GDP) is a "price index measuring changes in prices of all new, domestically produced, final goods and services in an economy.
  • ... that "Hollywood accounting is the practice of distributing the "profit earned by a large project to "corporate entities which, though distinct from the one responsible for the project itself, are typically owned by the same people, with the net result of reducing the project's profit by a substantial margin, sometimes even eliminating it altogether.

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