Robert Lucas is known among economists as one of the most influential macroeconomists of recent times - a reputation founded in no small part on the critical thinking skills displayed in his seminal 1990 paper 'Why Doesn't Capital Flow from Rich to Poor Countries?' Lucas's paper tackles a puzzle in economic theory that has since come to be known as the 'Lucas paradox,' and it deploys the author's brilliant problem solving skills to explain why such an apparent paradox in fact makes sense. Classical economic theory makes a simple prediction of how capital flows between countries: it...

Exploration and Exploitation is a key text for scholars and business practitioners interested in promoting economic well-being and sustainable growth. March's work promotes the preservation of companies' competitiveness and sustainability in the fluctuating market environment by maintaining a balance between exploration and exploitation processes. He explicates that this balance depends on the interchange between the adaptive capability of the company, predictability and consistency, competition, anticipations, level of risk, learning, socialization dynamics within the organization, and the...