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And if you believe this article it will be your favorite. Behavioral economists have found that the first interaction you have with something, or someone for that matter, will stand out to you. What implications does this research have outside of the business world? As a business owner, how would you harness the "first is best" premise?
Economist, J. A. Schumpeter is most widely known today for his theory of "creative destruction". This article actually provides a great look into what he meant by that. I think the parallel that is drawn to the music industry is very appropriate to explain exactly what creative destruction is so I'll follow along in the same way - Recorded music hurt concert attendance > Tapes killed the record > CDs killed tapes > MP3s killed CDs.
I hope that you are all having a great Labor Day weekend. A recent jobs report noted that zero, yes zero, 0, zilch, nada, jobs were created over the past month. This article gives a good look at why that might be happening. We will go into this in much more detail after we've learned how to use supply and demand analysis, but for now try answering this question.
You've been given the chance to work for the weekend and earn $1000, but you've also won a paid trip to Dallas and box seats at the Cowboy's opening game (a prize worth $750) the same weekend. If all you cared about is money which would you choose? Now what if there was a chance that you had to pay a 35% tax on the income you made from working. What would you choose then, the certain $750 dollar value of seeing the Cowboys or potentially only making $650 because a tax is suddenly imposed on your weekend job? |
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