Economics seems so easy…supply and demand. As demand goes up, supply reacts accordingly – either supply remains unchanged, but higher prices and longer waits satisfy the demand or increase the supply to satisfy the demand while keeping prices unchanged. But like most things in life, there are many layers to peel back to understand the reasoning behind supply and demand changes.
My youngest daughter is in the 1st grade, and she recently did a biography report on Jane Goodall, the world-renowned primatologist expert. As part of the research I helped her with, I came across a primatology example that helps signify the benefits the a continuous improvement program. It highlights the mentality of “the way we’ve always done it” and is loosely based on research performed in the 1960s on a group of monkeys by G. R. Stephenson, though it’s more of a fictitious fable. The story is popular on the internet and was even featured in the 1990 movie ‘The Contender’ in which the actor Jeff Bridges illustrates this mentality.
Topics: Company Culture