Paul Krugman 
A Country Is Not a Company 

Nobel-Prize-winning economist Paul Krugman argues that business leaders need to understand the differences between economic policy on the national and international scale and business strategy on the organizational scale. Economists deal with the closed system of a national economy, whereas executives live in the open-system world of business. Moreover, economists know that an economy must be run on the basis of general principles, but businesspeople are forever in search of the particular brilliant strategy. Krugman’s article serves to elucidate the world of economics for businesspeople who are so close to it and yet are continually frustrated by what they see. Since 1922,
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Paul Krugman is a op-ed columnist for the
The New York Times and a professor of Economics and International Affairs at Princeton University. He was awarded the Nobel Prize for Economics in 2008.