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Economists tend to disagree with measures that interfere with trade on information because they support free trade, arguing that protectionism disrupts competitive advantage and harms the economy more than benefits it. Economists will support business methods that will provide incentive to entrepreneurs with successful tactics with which to monetize information even when the dangers of separation of information from product are imminent.

There is no free lunch” refers to the fact that nothing is free, that something of value has to be given up in order to obtain some other valuable good or service, that there is always an exchange when something is obtained.

Firms exist because they minimize the cost to using the price mechanism, firms lower transactions costs (to hire employees, to enforce contracts, to negotiate prices), and because firms succeed where markets fail (due to collaborative’s result of corporate culture and collective knowledge).

All 4 reading assignments required for TMGT3337 Decision Making Economics. These are summaries of chapters to be read along the course.

The different factors that make a firm successful vary widely. While some may argue that luck does not exist, that is a matter of being prepared when opportunities arise, Boyes argues that luck has defined success or failure as much as, or even more than, skill.

Although markets are believed to be the most efficient allocation mechanism because they create incentives for efficiency and innovation, they are not immune to market failures. When markets fail, the economics must discover the reason for failure and intervene in order to implement a better mechanism to allocate resources.

Boyes hold to F. A. Hayek's stance against socialist or totalitarian systems, he supports the idea of spontaneous order in the firms caused by the best allocation of resources due to individuals' self-interests and their ability to enter freely into transactions.

The different factors that make a firm successful vary widely. While some may argue that luck does not exist, that is a matter of being prepared when opportunities arise, Boyes argues that luck has defined success or failure as much as, or even more than, skill.