W2 Markets A i2b
Summary
TLDRビジネス市場の紹介と、特に市場とビジネスの関係、そして経済全体を理解する方法について語りました。重要なのは、誰がコントロールしているかという基本的な人間の本能です。しかし、市場システムの美しさは、誰もコントロールしていないという点にあります。市場システムは、自己利益にもかかわらず機能します。アダム・スミスは、自己利益が他人のニーズを満たすことを意図していると述べています。また、市場での相互作用は、相互調整を通じて行われ、これは日常のビジネス取引で非常に重要です。さらに、ビジネスの協力は、多方面にわたって行われます。例えばコーヒーの産業チェーンは、コーヒー豆の農家から、コーヒー屋まで多くの人々が関与しています。市場システムは、予測可能性と安定性をもたらし、私たちの日常生活に大きな影響を与えます。
Takeaways
- 🧠 市場システムの美しさは、誰もがコントロールしていないという点にありますが、それはシステムがコントロール不能という意味ではありません。自然の生態系のように、均衡を保ちます。
- 💡 市場システムは自己利益にもかかわらず機能し、人々が自分の利益を追求することで最終的に集団と個人の福利に寄与します。
- 🤝 市場での取引は、双方にとってウィンウィンの関係を築くプロセスであり、価値の非対称性と対称性に基づいています。
- 🤔 市場システムは、人々が予測可能な方法で世界を変える能力、つまり「代理性」を通じて機能します。
- 🌟 市場の強みは柔軟性にありますが、人々が自己利益を追求するという事実にもかかわらず、システムは集団と個人の福利を促進する仕組みを提供します。
- 🌱 コントロールの欲望は人間の基本的な本能であり、市場システムはそのような衝動に応えることができますが、同時に人々を制御しなくても済む柔軟性を提供します。
- 🛣️ 市場の協力は、単なる線形なものではなく、多方面的な協力を意味します。コーヒー豆の農民からカフェのオーナーまで、多くの人々が価値のチェーンに貢献します。
- 🏭 市場の協力は予測可能性をもたらし、人々が信頼性の高い供給者として知られることで、市場での取引が安定します。
- 📈 市場システムは時間とともに進化し、物理的な場所に結びついているという歴史的な側面よりも、オンラインビジネスの重要性が高まっています。
- 🌐 パademicの経験から、市場システムは非常に安定しており、日常生活に大きな連続性をもたらす能力があることがわかります。
- 📊 市場システムは、人々が日常的な相互作用を通じて相互調整を行い、外部からの衝撃に対しても適応し、ビジネスを維持する能力を発揮します。
Q & A
市場経済の強みは何ですか?
-市場経済の強みは、単一の個人が市場をコントロールする必要がないことです。これは、システムが柔軟であり、多数の参加者が持続的なバランスをとる能力を持つためです。
市場システムが機能する理由は何ですか?
-市場システムは自己利益に基づいて機能しますが、そのシステムは自己利益にもかかわらずも機能します。人々が自分の利益を追求することで、最終的に集団と個人の福利に寄与します。
アダム・スミスは市場経済について何と述べていますか?
-アダム・スミスは、人々が取引を行う動機は自己利益であり、それが他の人のニーズに応えることを促進するという市場経済の基本ロジックを述べています。
相互調整とは何ですか?
-相互調整とは、市場の参加者同士が期待値を調整し合い、価格や品質などについて合意に至るプロセスです。これは、日常の社会的相互作用でも見られるミクロなプロセスです。
オンラインでのビジネスや勉強の課題は何ですか?
-オンラインでのビジネスや勉強の課題は、フィードバックメカニズムが失われることです。顔や体の微妙な動作などの反応が得られず、相手の反応を読み取ることが困難になるためです。
コーヒーショップが成功するために必要な要素は何ですか?
-コーヒーショップが成功するためには、コーヒーの品質、サービスの質、場所、店内の雰囲気など、様々な要素が必要です。コーヒーの味が良くなくても、他の要素が良くてもビジネスを成功させることができる可能性があります。
協力とは何ですか?
-協力とは、幅広い人々と多角的に協力し合うことを意味します。これは、製品が市場に登場するまでのプロセスを通じて、多くの人々が価値を加えることを含みます。
市場システムの予測可能性はどのように確保されるのですか?
-市場システムの予測可能性は、参加者が信頼性のある供給者やパフォーマーとして機能し、他の人々が価値を加えることができるようにすることで確保されます。また、評判が重要になるため、安定したパフォーマンスが期待されます。
市場システムが進化してきた理由は何ですか?
-市場システムは、時間とともに進化し、複雑さを増やしてきました。その存在は私たちにとって当然であり、日常生活に稳定性をもたらします。また、COVID-19パンデミックのような外部ショックにもかかわらず、ビジネスを継続できる柔軟性を確保しています。
市場システムが平和維持者として機能する理由は何ですか?
-市場システムは、参加者同士が相互に調整し合い、ウィンウィンの関係を築くことで、平和的にビジネスを進めることができます。また、技術的な進歩や外部のショックに対しても、相互に調整し合うことでビジネスを継続できます。
市場システムの持続可能性はどのように確保されるのですか?
-市場システムの持続可能性は、参加者が柔軟に変化し、新しい状況に応じて調整することで確保されます。また、適切な技術を採用し、ビジネスプロセスの自動化や遠隔アクセスの可能化など、事前に準備を行うことで、急激な変化にも対応できます。
Outlines
😀 市場とビジネスの関係
ビジネスの紹介ビデオで、市場とビジネスの関係、そして経済全体を理解することが重要であると語りました。人間の基本的な本能は、誰がコントロールしているかを知りたいというものであり、市場システムでは誰もがコントロールしていないという特徴があります。市場の強みは柔軟性があり、外部の衝撃にも対応できるという点にあります。
🤔 市場システムと自己利益
市場システムは自己利益に基づいて機能しますが、自己利益にもかかわらずうまく機能します。人々は自分の利益を追求するが、システムはその自己利益が最終的に個人と集団の福利に貢献する仕組みです。アダム・スミスは、自己利益が他人のニーズを満たすことを意図していると述べています。また、市場での相互作用は、双方向の調整を通じて行われます。
👥 オンラインでのコミュニケーションの難しさ
オンラインでのコミュニケーションは、フィードバックメカニズムが不足しているため、対話の中で細かい調整を行うことが困難です。子供たちは大人からのフィードバックに敏感で、対人関係での調整を学びます。しかし、電子メールやテキストベースのコミュニケーションでは、ニュアンスを読み取ることが難しいため、対話の質が下がります。
🤝 取引と市場の力学
ビジネスにおいて、バイヤーとセラーが取引を行い、それぞれの利益を最大化しようとしますが、取引は双方にとってウィンウィンの関係を築くことができると説明しました。一方で、力関係がある場合、取引は強制的になる可能性があり、これはビジネスの範疇外です。一方で、独占やモノポリー、モノプソニーなどの用語が市場の力学を理解する上で重要です。
🌟 市場の協力と価値の連鎖
市場での協力は、単に線形ではなく、多方面にわたる協力を意味します。コーヒーの例を使用して、コーヒー豆の農家から、コーヒーを販売するカフェまで、多くの人々が関与し、各々が価値を追加することで、最終的なコーヒー体験を実現しています。これらのプロセスはランダムではなく、意図的に行われており、ビジネスとして定着しています。
🔄 市場の安定性と予測可能性
市場システムは非常に安定しており、予測可能で、日常的な生活に多くの安定性をもたらします。2011年の東日本大震災のような外部の衝撃にもかかわらず、市場はその機能を維持し、人々は状況に応じて調整を行っています。特に、良好に運営されている企業は、技術を採用し、ビジネスの柔軟性を高めることにより、急激な変化にも対応できると強調しました。
🌐 市場システムの進化と変化
市場システムは時間とともに進化し、物理的な場所に縛られる必要がなくなりました。パンデミックの状況下でも、ビジネスはオンライン上で行われることができ、市場は依然として機能しています。取引所の取引床がVIRTUAL化されるなど、市場はより高度なレベルの洗練度を持っており、私たちの日常生活に大きな安定性をもたらしています。
Mindmap
Keywords
💡市場システム
💡自己利益
💡相互調整
💡価値チェーン
💡競争
💡独占
💡共同作業
💡予測可能性
💡専門的パフォーマンス
💡アダプティブ効率
💡コミュニケーションのニュアンス
Highlights
The importance of understanding who is in control in market systems, as humans are hardwired to think in terms of control and agency.
The revelation during the COVID-19 pandemic that even the best-laid plans can be disrupted by uncontrollable external factors.
The concept of mutual adjustment in market systems, where buyers and sellers negotiate to meet each other's needs and expectations.
The idea that market systems work both because of and despite self-interest, as individuals pursuing their own interests ultimately serve collective welfare.
The role of reputation as a key asset in market systems, driving predictability and reliability in delivering products and services.
The evolution of market systems to a high level of sophistication, bringing stability to our daily lives even during major disruptions like the pandemic.
The adaptability and resilience of market systems, as businesses adjust their operations in response to changing conditions and challenges.
The importance of embracing technology and automation for businesses to remain competitive and responsive in a rapidly changing environment.
The concept of a value chain in market systems, with multiple parties adding value at different stages from production to consumption.
The impact of exogenous shocks like natural disasters on market systems, highlighting the interconnectedness and interdependence of various value-adding activities.
The role of government in setting conditions for markets to flourish, without controlling the actions of the multitude of market participants.
The distinction between business transactions based on mutual benefit and exploitation or coercion, with the latter being more akin to crime.
The dynamics of supply and demand in market systems, with every buyer having a corresponding seller and vice versa, leading to win-win transactions.
The emergence of boutique companies specializing in specific parts of the value chain, contributing to the overall quality and experience of a product.
The shift towards knowledge-based, value-adding activities in modern market systems, with an increasing focus on specialized performances.
The potential for market systems to serve as a peacekeeper by facilitating cooperation and mutual adjustment among diverse parties.
The ongoing evolution of market systems in a post-pandemic world, with increased virtualization and reduced reliance on physical locations.
Transcripts
hi welcome to a introduction of Business
Week - I'm going to be talking directly
to you about how topic markets and
particularly what's the relationship
between markets and business and how
they understand economies as a whole ah
so you'll have the slides you do have
the slides by the time you're watching
this and I speak to a printout of my
slides here I was will do this is a
number of modules I'll add some extra
material subsequently to explain the
particular issues I'd like to go and
talk straight away about my second slide
here which is entitled who is in charge
and this is a really important point
because human beings are very hardwired
to think in terms of who is in charge
who is in control who is making
decisions this is a basic human instinct
we want to be in control of our world
around us of our physical world a
material world our social world very
often we don't have control one of the
really striking things of course about
the over nineteen pandemic is it
revealed to people how you can have the
best laid plans you can be completely
organized you can work for a highly
organized company or an organization
everything can be laid out and then
suddenly we're hit by things beyond our
control and coping with that lack of
control can be a challenge particularly
fun tends to be a little bit of a
nervous disposition we tend to be a
little bit anxious worried that we may
be buffeted by things that we can't
control those who are much more relaxed
and people from a cultural background
with who are relatively content with
just letting things be maybe a less
concerned with that impulse to control
you know control deeply is tied to what
we call agency
since of our individual capacity to
change the world to control the world of
course to impact on the world in
predictable ways and to respond
effectively to what the world throws up
at us so when we talk about market
systems immediately this issue arises of
who is in control now many critics of
capitalism of business tend to speak of
big business of powerful big businesses
and suggest that a few faceless people
in the boardrooms of the CEO offices of
large companies somehow controlling the
system and a lot of our discourse a lot
of the stories we talk about how society
works about how business works tends to
reduce it to images of a machine and a
machine implies that someone is in
control we have a system or we have a
system of systems which is a slightly
more sophisticated version of it and the
implication here is that somehow people
should be in control of the system it
should be accountable the system should
work for us now when we speak about a
market system it's great strength but
also what I think is so terrifying for
many people about market systems is that
actually no single person is in control
the government is not in control of it
government sets important conditions
within which markets proliferate or
don't which often has its own problems
but it doesn't control the actions and
can't even begin to control the actions
of a huge array of participants in a
market system so I'm going to say
explicitly that the beauty of a market
system rests in the fact that there
reason nobody in control that's not to
say that the system is out of control
it's one thing to say there is no single
person in control it's another thing
entirely to say that somehow the system
is out of control that rather very much
like our natural ecologies the natural
world that there tends to be equilibrium
we tend to arrive at certain healthy
balances unless we're buffeted by some
major external shock and that this is
the great strength of the system because
it allows the system to be relatively
flexible so of course we all know that
market systems and capitalism are
associated with self-interest but what's
really striking with market systems is
that it works both because of
self-interest and also despite
self-interest so the people are out
there looking to promote their own
interests but the system works in such a
way that self-interest ultimately serves
unbalanced collective and individual
welfare very famously Adam Smith the
great pioneering Scottish economist said
it wasn't the love of his fellow man
that got the butcher the baker the
candlestick maker out of bed early in
the morning to carry out their trade
it was self-interest they needed to get
up to go to work in order to earn a
living in order to make money to do the
things they want to do to care for their
family to provide education for their
kids to enjoy the good life to pay for
medicine if they fall ill for example
maybe to donate to a charity that they
they care for
so self-interest motivates people to
meet the needs of others this is the
basic logic of a market system and in
order to continue to earn an income to
do all those other things we want to do
in life to pursue our conception of the
good we need to engage in mutual
adjustment and in the reading for this
week Charles Lindbergh a very famous
scholar of markets of politic
sort of enterprise and the relationship
between market and politics in
particular has very much emphasized this
notion of mutual adjustment if you go
into a marketplace let's say you get up
early and you go to the flower market
there's about four different flower
markets in Tokyo you want to buy nice
flowers because you're a florist you
need them either to do your floral
arrangements which perhaps you provide
to companies and stores perhaps you run
a florist honey or some and you're going
to on sell these flowers to your
customers plus also do some flower
arrangements out of the store so you
want the best flowers you can get at the
best possible price so you're going to
go to the market you're often
established long term relationships
because you go every couple of days to
the market because flowers don't last
you have to keep buying those flowers
the florists I go to fairly regularly of
late at your SIA she says that she's
been working with the same sellers in
the markets now for several decades so
that she doesn't actually need to go to
the market anymore she can just call
them up and she can have very good
products into her at a reasonable price
now the buyer and the seller there will
mutually adjust to each other's
expectations they have price
expectations of course the seller would
like a higher price the buyer would like
a lower price but there's also issues of
quality and then there's always this
zone of negotiation that the flowers may
not be in their best condition but you
don't really mind if you get them cheap
enough now we always want the best
possible thing for the money but it's
about cost per cost performance and so
it's going to be a trade-off one of the
interesting ways I think we can get our
minds around this no John Mew notion of
mutual adjustment it's just to imagine
navigating through public transport
systems that's when you're walking
through a crowd we are going through a
process of constant micro mutual
just meant we sense that people in front
of us speeding up or slowing down
someone's trying to get across in front
of us perhaps because they have to go to
a subway exit which is to the right
maybe someone's coming from the opposite
direction we sense perhaps someone
coming towards us needs a bit more space
maybe they're a little bit physically
challenged maybe they're drunk we want
to get out of their way so this this
ability to mutually interact and it is
truly a miraculous thing if you think
about the the normal rush-hour for
example in Shinjuku that so many people
can transit through what is really quite
a mess in terms of a physical space and
actually not bump into each other and
when people bump into each other it is
so surprising precisely because we are
so good so good at this mutual
adjustment adjustment now that also
gives us some hints as to many of the
challenges of taking work and study
online when we start talking to a camera
anticipating that some time later some
people are going to be watching the
consequences we don't have any of the
feedback mechanism we don't get those
eye rolls those subtle movements of the
head or whatever it is that people do
which suggests that they either disagree
with us so they're not following the
point so we are constantly self
adjusting in response to very subtle
reactions in your social interactions
small children learn to do this very
quickly they need to they are
fundamentally dependent on adults to
raise them to care for them to provide
them their most basic needs and adults
potentially can also be a threat to them
not just through neglect but someone
who's in a is in a bad way emotionally
and children will know to to flee and to
protect
themselves so it is hardwired into us to
be very alert to the feedback from
others we're good at mutual adjustment
for the most part face to face once we
reduce our interactions to just an email
interaction text-based interaction for
example it becomes much more difficult
to read the nuances so although the
modern technology makes it seemingly
exciting that we can collaborate with
people from all over the world the
inherent dynamics of face-to-face
business and that nuance mutual
adjustment that that we undertake is a
challenge in a virtual age adventures
the technology gets better and better
the resolution of zoom gets better for
example they will be less of an issue
now in terms of really basic business
issues just a simple point for every
buyer there is a seller ok and for every
seller there is a buyer that sounds
obvious to state both people come to the
transaction you know looking for
maximizing their own interests but
automates a win-win situation very
simply put if I buy something at a
certain price the seller values the cash
over the particular thing that they sell
to me so the critical thing here is that
all transactions rest on an asymmetry
and a symmetry of values so if I could
sell this simply it would be because
someone else would value the information
that's written here more than whatever
price that I put on it I'd like to think
I could sell it for a high price that's
not the way we work which we charge you
upfront to get into university then you
just have to cop it I'm afraid and it's
more of a command system rather than a
spot market and I will talk about that
in a moment now while it's generally
win-win in
completely free markets when we have
freely participating parties under some
conditions it can be exploitative some
people are rather more powerful than
others and they can coerce people so we
shouldn't really think of that as
business we should think of it as crime
if it's a shakedown
you know if the Mafia comes along comes
by your bar your club your fish-and-chip
shop and says I think you want to make a
donation to our organization then that's
coercion you're simply being threatened
to pay so we shouldn't think of that in
terms of business in business terms
there are a lot of gray areas when a
company becomes absolutely dominant when
there are no other sellers of the
particular thing you want or no other
buyers are the thing you want then you
can run into real problems of being
exploited by the way in terms of basic
basic terminology when a company is
dominant it is the dominant seller we
speak of monopoly I think as you all
know the game is named after that NA
Polly okay um monopsony is when you only
have one buyer in the market so monopoly
is when you have a dominant seller in
the market and monopsony is when you
have a dominant buyer in the market and
that's a common problem for example if
you have fragmented producers so if I
have a small dairy farm and I'm making
milk and I have to sell my milk every
single day because the milk will go off
of course and there's only one
supermarket chain to buy it
they're an incredibly powerful position
and so what we do see is government's
creating a lot of rules about fair
competition to try and make sure that
companies don't take advantage of their
relative market strength and we'll come
back to that when we talk about issues
of governance at this point I want to
stay much more focused on the nature of
the markets
so I post a question you know what makes
a good coffee shop in the lecture notes
and that's something we can we can talk
about when we do an interactive session
but obviously its product its
performance its place it's a whole range
of things in addition to the coffee in
some cases the coffee can be terrible
but the stuff of the coffee shop can
still do quite well as a business so in
our next interactive session we'll throw
this over to you and ask you to think
about you know what does make a good
coffee shop what are you looking for
though okay
let's talk a little bit about the nature
of cooperation this is our fourth slide
so as I say the notes cooperation is not
just linear but multilateral what that
means is we're cooperating with a whole
range of people across a wide range of
dimensions we often speak about the
linear cooperation when we talk about a
certain product coming to market let's
run with coffee so of course you've got
coffee bean growers and many places in
the world one of my very favorite
coffees comes from Papua New Guinea type
called she good she good e in katakana
in the Papua New Guinean Highlands so
you get the growers of the coffee you
then of course see that the people who
run the coffee plantations employing
people because they simply can't
maintain an entire coffee plantation by
themselves so there are performances
there there are transactions a win-win
relationship where someone has the
coffee plantation in New Guinea they
hire people to work for them to tend the
coffee trees the harvesting for example
later on the initial processing of the
coffee beans then of course the coffee
beans have to be packed they have to be
shipped let's say they get to Tokyo now
they might very likely be roasted here
in Tokyo it's better
coffee beans to be kept raw and then
roasted just before you want to use them
indeed there are some nice roast Rees
now here in Tokyo which will roast your
beans to order Yannick a coffee is one
that stands out it's incredibly good
just to sit around outside and smell
your coffee beans roasting and you can
have them roasted to order and it really
does make a difference to have them
freshly freshly roasted but of course
there are lots of professional Roasters
who are doing interesting things and in
supplying restaurants supplying a whole
bunch of retail stores for example with
the roast coffee so a chain of people
adding value eventually the roasted
coffee ends up in the cafe it's ground
of course the barista makes the coffee
the coffee is delivered typically by the
waiter
perhaps the barista directly in the
small place to the customer so a lot of
people involved and we can think of that
as a value chain way back the starting
point with the coffee and all of those
other things the Machine and everything
else that is involved in the process and
we see boutique companies specializing
in just a very small part of that
process for example in Japan several
boutique companies that make coffee
grinders who make and pour coffee
instruments so the filter papers and
what not even with proprietary
technologies all of these add value
which lead then to a good coffee
experience at the end now none of these
performances are in the words of Lim
blong random accidental or coincidental
they're deliberate
people are doing this on a regular basis
this is their business endeavor this is
how they earn their living and when
there is disruptions it's shocking we've
seen several disruptions over the last
decade we saw with the
3:11 disaster here in Japan the triple
disaster of course we had the earthquake
then that tsunami and then of course we
had the the radiation problems with
Fukushima that led to a whole range of
issues a range of knock-on effects and
that reminded consumers ironically of
how incredibly stable market systems are
suddenly things that were just normal in
terms of their availability were not
available
suddenly there was difficulty in getting
milk now why was it difficult to get
milk the disaster didn't affect cows
directly the milk supplies were
disrupted by the very simple fact that
several major factories in Tohoku were
disrupted and those factories made basic
key inputs one of them made the bottles
and the caps for milk that was delivered
in larger containers so for commercial
applications more significantly a lot of
paper packaging particularly the
tetrapack type packaging and by the way
tetra pack is actually it's a Danish
brand and they are here in Japan and
they do manufacture but there are other
companies who use both the technology
and other technology those cami pack the
paper packs in which milk come comes
there was lots of manufacturing of that
into Hawker and so the disaster
disrupted that so effectively what you
had was milk producers dairies who they
were producing the milk pills need to be
milked every day there were customers
who wanted it but the product couldn't
get to the customers just simply for
want of a certain kind of packaging so
there are so many points of value adding
and any single one of those key inputs
when it's lacking can be deeply
disruptive and we see this in our in a
whole range of industries it's
particularly
striking for example in the creative
industries if you're making a movie you
can have everyone there but if the
camera technician sleeps in then it
doesn't matter that you've got Brad Pitt
and other a-list actors standing by and
everyone else and the sandwiches and
everything there that if someone who
knows how to use the camera isn't on
site then you don't make a movie okay so
we talked about the humdrum versus the
creative inputs in the creative
industries but this is vitally important
so there is actually great predict
predictability in market systems you
know the cameraman make sure to get out
of bed and get to the shoot on time
because in the famous Hollywood
expression you will never work again in
this town if you get it wrong okay
reputation becomes an incredibly
important asset you have a reputation
for being a reliable supplier a reliable
performer delivering your performance
adding value so that then other people
can add value as well and this leads to
predictability in the delivery of
products in a capitalist system so we
can think of what most of us do in a
modern market system is really providing
specialized performances and this is
language lindblom users it's a little
bit surprising as a language we tend to
think of performance as being on stage
being an actor or whatever I'm
performing now with a camera not in
front of a live studio audience
as in as in the classroom but this is
what we do of course some people still
make physical physical products what's
very clear though is the very fact that
so much of our economy has been able to
go online with the covert 19 pandemic
shows that only a minority of people now
are actually in the business of making
physical products so much of what we do
is knowledge-based value-adding that in
some sense couldn't be understood
performance so when we think about
markets in general what we're seeing is
that they have evolved over time they
have a range of underlying physical
properties in the sense that they are
tied to places and historically that was
much more important than it is today
again the pandemic shows that actually
much of what we do in business doesn't
need to be connected to a physical place
anymore and this is going to be one of
the really interesting sets of issues
that arises in a postcode and pandemic
capitalism we already have seen for
example that the trading floors of stock
exchanges such as the Tokyo Stock
Exchange has been completely done away
with it's all virtual now and that
actually there is really no reason for
anyone to be at the Tokyo Stock Exchange
in near Habashi
that actually that can happen virtually
and does happen virtually from pretty
much anywhere so in the next section
we'll talk about how market systems can
work as a peacekeeper my point up until
now just to simply summarize has being
that market systems have evolved to such
a high level of sophistication we take
their existence for granted they bring a
great deal of stability to our
day-to-day lives and even when we see
the shutdowns of the Cova 19 pandemic
what is really striking is the
remarkable degree of continuity we can
still get most of the things we want
relatively easily and insofar as working
styles have had to change people have
adjusted because they have an incentive
to adjust and market systems empower us
reward us for making that adjustment but
also they punish us if we don't make
those adjustments
and we are seeing that there will be and
there already are quicker victims of the
pandemic simply those companies that
haven't been able to respond rapidly to
the operating difficulties that we face
many of the reasons why some companies
get hit hard and harder than others in
the same sector is that ultimately they
didn't embrace the technologies the way
the world was changing in recent years
they were putting off those decisions
for example about automating business
systems about creating decent IT systems
allowing their their their staff to have
more working flexibility basic things
like being able to access data remotely
all of those kind of things that
companies that are well-run have been
trying to do for a decade at least that
which put them in a relatively good
position when you suddenly get hit by a
dramatic change in the operating
environment and as I touched on in our
first class and adaptive efficiency this
notion from Douglas north adaptive
efficiency is critical so mutual
adjustment in terms of people day to day
interacting within a market system and
then when we do have what we call
exogenous shocks shocks from outside the
system in some way or another can be
technological change for example the
ability of partner of parties to adapt
to those changes mutually adjusting so
that they are win-win dynamics and allow
business as usual even as so many of the
ways that business is done are very
decidedly unusual viewed historically
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