It’s hard not to appreciate the success of a ‘mom and pop’ business. The romanticized notion of self-reliance and success. An idealized world where it’s possible for everyone – even the metaphorical ‘little guy’ – to transform their dreams into a vibrant, growing business that supports the local community and provides a good living for…
Much of the economy in the industrialized world is dependent on cheap and easily-available resources as well as fossil energy. Such a dependency is largely grounded in the belief that continuous economic growth is not only possible but also necessary. Accordingly, consumption is intended to perpetually expand. The products generated by such a system lack…
The principal-agent problem is a common problem that arises whenever there is a contractual relationship between two parties – the principal, who in accordance with agreed upon terms, assigns a task to an agent, who then executes the task for the principal. It is expected that the agent will work on the behalf of the principal. Likewise,…
Have you ever wondered why Wall Street is known for finance or why the California wine industry has been so successful in integrating itself into the global market? In a word: clusters. Clusters are concentrations of complementary organizations, institutions and companies that are components of a given field in a specific geographic location. These conglomerations…