WUSTL economics professor David Levine says abolishing 'intellectual property' won't solve all social ills, but it would be a big step in the right direction for solving a range of problems from the high cost of health care, to innovating our way out of the current recession. In a series of posts with his co-author, WUSTL economics professor Michele Boldrin, they will be posting here about green technology, entertainment, free speech, multinationals, and innovation over the next weeks.

References:

1. Sept. 15, 2009 — Save the Whales! Abolish Patents! in the Huffingtonpost.com

Article on the impact of long-term unemployment.
One of those featured is Rick Rose, who lost his job at a non-profit.
After 15 months of unemployment, he was hired as marketing and communications manager for a new partnership between the Brookings Institution and the Olin Business School at WUSTL.
Includes comments by Jackson Nickerson, director of the Brookings-Olin partnership.

References:

1. Sept. 13, 2009 — Jobless, and Fighting Hopelessness in the The Washington Post

and 7 others.

Researchers suggest that unlike money, social experiences can provide happy memories, which don't wear away as fast as the rush of buying a new possession. But WUSTL [marketing professor Joseph Goodman] and a Texas colleague have found that negative experiences can have a more negative impact on happiness than other spending of a comparable amount.

References:

1. Aug. 5, 2009 — Happiness: Staying positive in negative territory in the USA Today

and 1 others.

Not taking some R&R could leave you carrying some heavy baggage down the line, bringing you and your company down. WUSTL entrepreneurship specialist Clifford Holekamp advises that shorter vacations are less stressful for small startups that are "very dependent on the founder to run the day-to-day operations."

References:

1. June 25, 2009 — Vacation: What the Heck Is That? in the MSN Money

Since their advent in 1984, more than 50 American colleges and universities host business plan competitions, yielding prizes worth more than ever. Still, it's really not about the money, says Cliff Holekamp, a senior lecturer in entrepreneurship at WUSTL's Olin business school, which hosts multiple competitions, including the recently introduced Social Entrepreneurship and Innovation Competition, a do-good variation with a $150,000 prize pool.

References:

1. June 11, 2009 — How to Win a Business Plan Competition in the The New York Times

In industry after industry, entrepreneur after entrepreneur is saying the same thing: Being first can surely be an advantage, but so can being second. Those who follow a market leader can actually be more successful in most cases, says WUSTL business strategy professor Anne Marie Knott, who discusses second-to-market advantages on the first day of her entrepreneurial studies class.

References:

1. June 9, 2009 — When Second Really Is the Best in the U.S. News & World Report online

Consumer behavior and psychological research has found all sorts of counterintuitive lessons about how we shop. So it's not surprising that a forthcoming study in the Journal of Consumer Research shatters some myths about materialism. Includes comments by WUSTL marketing professor Joseph Goodman, study co-author.

References:

1. May 1, 2009 — How Being Materialistic Can Actually Make You Happy in the U.S. News & World Report online

In less than two months, regulators have seized 14 banks. Experts think many more banks will collapse before the financial crisis is over. "We'll have a banner year [of failures] this year," said Stuart Greenbaum, retired dean and professor emeritus at the WUSTL's Olin Business School.

References:

1. Feb. 20, 2009 — Get ready for a wave of bank failures in the CNNMoney.com

A study conducted by Joseph Goodman of WUSTL and colleagues from the University of Texas at Austin has found that sharing an experience like a restaurant meal can be better than a material gift, but only if the experience is positive.

References:

1. Feb. 13, 2009 — What's better: A meal out, or a gift? in the United Press International

On NPR's All Things Considered, WUSTL sports marketing expert Mike Lewis comments on the debate over the punishment for Olympic champion swimmer Michael Phelps following the publication of a photo that shows Phelps inhaling from a water pipe.

References:

1. Feb. 6, 2009 — Is Phelps Being Judged Differently? in the NPR All Things Considered

JPMorgan Chase says that its potential losses related to Bernard L. Madoff, the man accused of engineering an immense global Ponzi scheme, are "pretty close to zero." But what some angry European investors want to know is when the bank cut its exposure to Mr. Madoff — and why. WUSTL business professor emeritus Stuart Greenbaum comments.

References:

1. Jan. 29, 2009 — JPMorgan Exited Madoff-Linked Funds Last Fall in the The New York Times

and 4 others.

WUSTL professor of economics and strategy, Glenn MacDonald, comments on the housing market and how it varies in different parts of the country. "If you're thinking about buying or selling a house, that's a very delayable decision," MacDonald said. "If the economy is soft, you may decide, 'Well, I can wait to buy a house or sell a house.' Only people who have to sell are going to be in the market."

References:

1. Dec. 23, 2008 — Home sales drop 23 percent in Midwest in November in the Associated Press - Kansas City (MO)

and 29 others.

Citigroup's bailout by the U.S. government means that the banking giant is going to have to be more aggressive in fixing its troubles — and that's likely to mean deconstructing its financial supermarket model. WUSTL finance professor Stuart Greenbaum says he believes "that some of these super large financial institutions are motivated by the, 'Too Big to Fail' [theory]."

References:

1. Nov. 24, 2008 — Citi Bailout Could Spur Longed-for Unwind in the TheStreet.com

KWMU's Adam Allington reports on a St. Louis shoe repair shop that has seen business skyrocket as the economy prompts more customers to have shoes fixed instead of buying new ones. WUSTL business professor Glenn MacDonald comments on consumer behavior during a depression.

References:

1. Nov. 18, 2008 — Cobbler's Business Steps Up During Thrifty Times in the NPR Morning Edition

The Bush administration is expected to seek sweeping new powers from Congress next week to pull off its still-sketchy rescue plan. The bailout could operate through a newly formed federal agency, in the same vein as the Resolution Trust Corp., which was established two decades ago to unwind failed thrifts.
WUSTL banking professor Stuart Greenbaum comments.

References:

1. Sept. 20, 2008 — How will the plan work? in the Chicago Tribune

and 2 others.

P rofessor Stuart Greenbaum comments on the ways that bankers, politicians and economists are grasping for ways to address the financial crisis.

References:

1. Sept. 19, 2008 — Would a Resolution Trust Corp.-type solution work? in the Los Angeles Times

and 3 others.

In announcing the takeover of Fannie and Freddie, Treasury Secretary Henry Paulson said it was necessary to continue "supporting the availability of mortgage finance."
But there are those who think the bailout should be a prelude to a reduced role of both Fannie and Freddie in the supply of mortgage money.
WUSTL finance professor Radhakrishnan Gopalan said that in the long term, he sees a significantly diminished role for Fannie and Freddie.

References:

1. Sept. 11, 2008 — A Bid to Rescue Homeownership in the The Washington Post

and 4 others.

Paid-for product placements woven into the plot of a popular TV show is of growing concern to the Federal Communications Commission and consumer groups. WUSTL marketing professor Ambar Rao comments.

References:

1. July 14, 2008 — Product Placements Acquire a Life of Their Own on Shows in the The New York Times

and 1 others.

The battle for America's iconic beer turned nasty Monday, with brewer Inbev escalating its offer for Anheuser-Busch into a hostile bid while the maker of Bud accused the Belgian company of undervaluing its worth.
WUSTL business strategy professor Bill Finnie comments.

References:

1. July 7, 2008 — InBev's bid for Anheuser-Busch turns hostile in the Associated Press

and 71 others.

A cheating scandal that has engulfed the B-school world grew vastly larger on June 27, when the Graduate Management Admission Council (GMAC) said the number of prospective MBA students facing questions about their entrance exams now totals more than 6,000 -- six times the original estimate.
WUSTL's Joe Fox, head of the MBA programs, comments.

References:

1. June 27, 2008 — GMAT Cheating Controversy Grows in the BusinessWeek online