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The coming age of a shop for all markets

Retailing exists because consumers are ignorant, small and immobile. Will the internet really change this?

Poor odds on the takeover lottery

Second hand firms have something important in common with second hand cars. This explains why takeovers have tended to disappoint.

Father Christmas does not exist?

Father Christmas does not exist? Tell that to investors who seem unable to ask how much value certain business really add

Learning to define the core business

Ted Levitt’s challenge to “define what business you are in” was based in a fundamental confusion between industries and markets.

Economics and Business: 1990

Economics has never been more relevant to business problems. The two key groups of question of interest to businessmen - the internal organization of the firm and its relationship between its suppliers and customers, and the nature of strategic interactions between small groups of firms - are clearly on the agenda of modern economics in a manner which has not been true for most of the last century.

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