A Short Note to New Subscribers
Welcome new subscribers! NMSU Business Outlook is a free, monthly online publication sponsored by NMSU’s College of Business. Its primary audience is business practitioners and laypersons. If you prefer not to receive these alert emails, which link to each new issue, please contact me at email@example.com and I’ll remove your email address from the subscriber list. That said, please try a few issues before deciding. Thanks, and feel free to forward the email address of anyone you believe would appreciate these monthly alerts.
Mike Hyman, Executive Editor
Democratic Theories and the Political Marketplace
Grant C. Aguirre, Ph.D., J.D., University of Central Oklahoma and Dr. Michael R. Hyman, NMSU
After reviewing the major tenets of three major democratic theories—classical democratic theory, elite theory, and pluralism — we posit their explicit or implicit adoption by presidential candidates and their campaign teams. Then, we discuss three exemplar democratic theory adoptions: the classical democratic theory by H. Ross Perot, elite theory by George Walker Bush, and pluralism by William Jefferson Clinton.
Complete Article: Democratic Theories and the Political Marketplace
Ethics Case: Campaign Donations, Bribery, and Corruption
Dr. Bruce Huhmann, Ph.D., NMSU and Dr. Paul Biderman, J.D.
Scenario: In 2011, a district court judge in New Mexico was indicted on felony charges of making and soliciting bribes relating to judicial appointments. The prosecution claimed the judge asked a candidate seeking a judicial appointment to make campaign contributions to be considered for that appointment. The judge denied the accusation and stated the prosecutors, who belonged to different political party, were conducting a witch-hunt. Eventually, the prosecutors dismissed the felony charges in exchange for the judge pleading no contest to misdemeanor misconduct, and he subsequently resigned from the bench.
Complete Article: Ethics Case: Campaign Donations, Bribery, and Corruption
Is an Economist More Like a Physicist or Biologist?
Dr. Chris Erickson, NMSU
Neoclassical economists like me view the economy as a machine. The model is physical and the goal is to develop rules that allow us to predict our economy’s behavior. The ultimate goal is to develop potential interventions so as to achieve better outcomes.
Complete Article: Is an Economist More Like a Physicist or Biologist?
Marketing Research Tutorial
Using Bayesian Analysis to Assess the Value of Conducting Marketing Research (Part 1)
Dr. Michael R. Hyman, NMSU, and Dr. Jeremy J. Sierra, Texas State University
Managers should assess the value of conducting research. If its cost exceeds its value, then managers should avoid it. We recommend you use a Bayesian approach, which is a more formal way to assess likely value. After all, why pay more for something than it is worth?
News & Notes
Interview: Mr. Siddeeq Shabazz
Interviewer: Ms. Alena Kostyk, NMSU
Siddeeq Shabazz is a former linebacker who played for professional teams in the U.S. and Canada. His football career started at New Mexico State University. Now he has returned with an ambitious plan to start a new chapter in his life and to earn a Ph.D. in marketing.
Complete Article: Interview: Mr. Siddeeq Shabazz
Dr. Christopher A. Erickson, NMSU
Las Cruces tripled its merchandise exports in 2014, according to a U.S. Department of Commerce report, ranking Las Cruces first in export gains among metropolitan areas. Farmington ranked second and Santa Fe fifth. The cause of this sharp increase in exports is unclear, but probably reflects the increase in activity at the Union Pacific intermodal train depot in Santa Teresa. Despite the sharp increase in merchandise export, job growth remains stubbornly flat; Las Cruces lost jobs between May 2015 and May 2014.
Complete Article: Talking Points