Excerpt from Modern Brains Produce Profits

The question is sometimes asked why economics should have a place in the modern business Course. That question is readily answered. Most of us are sailing on some business craft, and it is probably our ambition to be on the bridge, directing the course of the ship. But to do that efficiently, we must not only know our charge from the penant at the mast head to the lowest part of the keel, but we must also be acquainted with the waters in which our craft is to sail - the currents and eddies, the shoals and reefs - not to speak of the stars by which her course is to be guided.

N ow, the purpose of economics is just to chart the seas of business and to trace the unseen currents so that our course may be set intelligently and pursued safely. T 0 illustrate: A worker in the advertising department is always in danger of considering busi ness simply as so much, copy to be placed in so manymediums. An accountant easily falls into a rut bounded by the general ledger on one side and the petty cash book on the other. But a man with a scientific business training, even tho he have no expert advertising or accounting knowledge, may come along and point out one flaw after another in the work of such narrow specialists, simply because he has the broader perspective - he sees at once that the special ist has failed to connect his advertising or his account ing with the broader practical purpose and scope of the business, and that he has omitted to watch the signs of the times.

That is why this second d104 of the modern business Course is an important one. It furnishes an explanation of those basic principles that underlie all business activities. It is, in fact, a review of the really big motive forces of business, shown in relation to one another. Every business - your business, therefore - is necessarily affected by these forces, and to understand them is a necessary part of a business man's education.

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