Advances in Economics and Business Vol. 4(11), pp. 599 - 606
DOI: 10.13189/aeb.2016.041107
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Insights from Science into Business and Economics: Roadmap to a Fiasco Prevention Theory


Thang N. Nguyen *
College of Business Administration, California State University Long Beach, United States

ABSTRACT

The purpose of this initial work is to explore insights from science into business and economics for a road map to a prevention theory on corporate fiasco, market turmoil and economic crisis. First, we use as scope the natural continuum, which encompasses particles, protoplasm, cell, organism (e.g. human), community (institution), ecosystem (market), biosphere (economy) and transcendental systems. This scope would guarantee a solution to any problem within it. Second, the primary focus is on the human component since human is the most intelligent of all organisms. Human has the highest ability to think and make decisions driving institution, market and economy (psychology). Third, as part of the natural continuum, the four components in italic would obey the laws of nature, as do the other components. These laws range from Newton gravitational laws to Einstein's relativity. While institution, market and economics can be considered as physical mass, human decisions can be viewed as force moving them from one situation to the next. Decisions can also energize them (physics). Fourth, insights from one known component into another can be drawn by analogy such as a disease in humans is analogous to a fiasco in institutions in terms of hidden signs and symptoms (biology). Fifth, one component is the extension of the lower component, e.g. market is an extension of institution, allowing homeomorphism to be identified (topology). Finally, decisions can be emotion-driven. Thus, insights from neurological and psychological processes in human brain and mind into business decisions can help understand them (neuroeconomics).

KEYWORDS
Natural Continuum, Laws of Nature, Decision Making, Business Operations and Management, Economics, Neuroeconomics, Fiasco Prevention

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Thang N. Nguyen , "Insights from Science into Business and Economics: Roadmap to a Fiasco Prevention Theory," Advances in Economics and Business, Vol. 4, No. 11, pp. 599 - 606, 2016. DOI: 10.13189/aeb.2016.041107.

(b). APA Format:
Thang N. Nguyen (2016). Insights from Science into Business and Economics: Roadmap to a Fiasco Prevention Theory. Advances in Economics and Business, 4(11), 599 - 606. DOI: 10.13189/aeb.2016.041107.