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to problems that have already been adequately solved. For a product manager, it is
not the value of the technology that will add value to the 7)________, it is the
value of solving the market problem.
How do we find market problems worth solving? Watch people. See what
they do and what frustrates them, 8)________ their time or money, or otherwise
prevents them from completing a task that they are trying to perform. Listen to see
if this is a pain point for other people.
James Dyson, for example, observed that vacuums were constantly getting
clogged with dust and were 9)________ suction. This was a problem for anyone
10)________ to quickly and effectively clean their house. After over five thousand
failed attempts, he created the Dyson vacuum cleaner-a bagless 11)________ that
doesn’t lose suction as it picks up dust.
Describe the pain point that you find, tell a story about it, and describe the
specific 12)________ market «persona», then step them through the way that they
currently try to complete their task. It should be as 13)________ as possible and
highlight the impact of their current «solution» in these current usage scenarios.
Imagine a world where the problem has already been solved.
This is the core of 14)________ good science fiction. Take a problem that
has been solved by some advanced technology and explore the resulting world or
environment.
Apply the usage scenario where the pain point was identified and imagine
the experience where it has been 15)________. What is that worth to the target
market? Does it create a valuable change in these people’s lives? If it does, then
there may be merit in actually 16)________ a solution to the problem.
Don’t be discouraged if the solution seems impossible.
Most of the products that we use trivially today have been considered
impossible at some stage in the past. You may need to sell the vision to
stakeholders to get their 17)________. If the vision is clear enough, you will find
people who want to work with you rather than tell you what can’t be done.
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The benefit however of knowing that you have a valuable problem that is
worth solving is that any effort that you do direct towards 18)________ something
new will have a clear market when it is solved and will minimize wasted effort.
Solving problems like this will create new value for the customer, make it
difficult for the competition to catch up and create financial opportunities for the
business.
3. Read the following article and make a rendering of it in English.
ЧЕМ МАКРОЭКОНОМИКА ОТЛИЧАЕТСЯ
ОТ МИКРОЭКОНОМИКИ?
Экономические отношения составляют важную часть человеческой
жизни и оказывают существенное влияние как на целые государства, так и на
отдельных индивидуумов. Невозможно абстрагироваться от взаимодействия
с другими субъектами и изолироваться от них. Неудивительно, что на
протяжении нескольких столетий круг
данных отношений пристально
изучается учёными, которые стараются выявить закономерности. Разделение
теории на микро- и макроэкономику позволило ответить на различные
вопросы, стоящие перед человечеством. В чём разница между данными
категориями и какое направление является приоритетным?
Макроэкономика – раздел экономической теории, который изучает
взаимодействие систем, а также экономики как единое целое. Все события
исследуются
в совокупности и не дробятся на исходные элементы. Круг
вопросов, который изучает наука – занятость, экономический рост и
равновесие, ценообразование и ценовая политика, торговый баланс.
Основателем направления считается Джон Кейнс, английский учёный,
который некогда вывел США из Великой депрессии.
Микроэкономика – раздел науки, изучающий работу экономических
агентов: домохозяйств, фирм и государств, а
также их взаимодействие в ходе
хозяйственной деятельности. Анализ ведётся на уровне конкретных
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субъектов, что позволяет разрешить проблемы, стоящие перед конкретным
юридическим или физическим лицом. Ключевые вопросы, которые
изучаются микроэкономикой – это проблема потребителя и производителя,
равновесие рынка, экономическая эффективность и многое другое.
Понимание данных разделов экономической теории лучше всего
проявляется на практике. Они взаимосвязаны и выступают как общее и
частное. Проводя сравнение, можно сказать
, что микроэкономика изучает
строение дома, но не замечает квартал, а макроэкономика –
функционирование городов, за которыми не видно отдельных сооружений.
Это в полной степени проявляется при сравнении круга изучаемых вопросов.
Для макроэкономики интерес представляет общий уровень цен
системы, для микроэкономики – стоимость отдельных товаров и услуг.
Таким образом, проявляются разные подходы к
пониманию инфляции, поразному оценивается её значение. Макроэкономика изучает национальный
доход государства, региона или мира, а микроэкономика – различные
доходы, в том числе на уровне фирмы или домохозяйства. Учёным, которые
занимаются макроэкономикой, интересно национальное производство, в то
время как их коллегам из другого лагеря – эффективность конкретной фирмы
и её деятельность.
TheDifference.ru определил,
что отличие микроэкономики и
макроэкономики заключается в следующем:
1. Уровень. Микроэкономика исследует отдельные экономические
объекты, макроэкономика – взаимодействие экономических систем.
2. Круг изучаемых вопросов. Микроэкономика занимается частными
проблемами и взаимодействием экономических агентов, а макроэкономика –
исследованием крупных систем в их совокупности.
3. Ценообразование. Микроэкономика изучает цены на конкретные
продукты, макроэкономика – общий уровень цен.
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4. Занятость. Для макроэкономики важна занятость в экономике в
целом, для микроэкономики – занятость в конкретных отраслях и на
определённых предприятиях.
5. Рынки. Микроэкономика изучает отдельные рынки, макроэкономика
– их взаимосвязь друг с другом и взаимодействие.
Part 2
MICRO AND MACRO: THE ECONOMIC DIVIDE
Physicists look at the big world of planets, stars, galaxies, and gravity. But
they also study the minute world of atoms and the tiny particles that comprise
those atoms.
Economists also look at two realms. There is big-picture macroeconomics,
which is concerned with how the overall economy works. It studies such things as
employment, gross domestic product, and inflation – the stuff of news stories and
government policy debates. Little-picture microeconomics is concerned with how
supply and demand interact in individual markets for goods and services.
In macroeconomics, the subject is typically a nation–how all markets
interact to generate big phenomena that economists call aggregate variables. In the
realm of microeconomics, the object of analysis is a single market–for example,
whether price rises in the automobile or oil industries are driven by supply or
demand changes. The government is a major object of analysis in macroeconomics
– for example, studying the role it plays in contributing to overall economic growth
or fighting inflation. Macroeconomics often extends to the international sphere
because domestic markets are linked to foreign markets through trade, investment,
and capital flows. But microeconomics can have an international component as
well. Single markets often are not confined to single countries; the global market
for petroleum is an obvious example.
The macro/micro split is institutionalized in economics, from beginning
courses in «principles of economics» through to postgraduate studies. Economists
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commonly consider themselves microeconomists or macroeconomists. The
American Economic Association recently introduced several new academic
journals. One is called Microeconomics. Another, appropriately, is titled
Macroeconomics.
Why the divide?
It was not always this way. In fact, from the late 18th century until the Great
Depression of the 1930s, economics was economics – the study of how human
societies organize the production, distribution, and consumption of goods and
services. The field began with the observations of the earliest economists, such as
Adam Smith, the Scottish philosopher popularly credited with being the father of
economics – although scholars were making economic observations long before
Smith authored The Wealth of Nations in 1776. Smith’s notion of an invisible hand
that guides someone seeking to maximize his or her own well-being to provide the
best overall result for society as a whole is one of the most compelling notions in
the social sciences. Smith and other early economic thinkers such as David Hume
gave birth to the field at the onset of the Industrial Revolution.
Economic theory developed considerably between the appearance of Smith’s
The Wealth of Nations and the Great Depression, but there was no separation into
microeconomics and macroeconomics. Economists implicitly assumed that either
markets were in equilibrium–such that prices would adjust to equalize supply and
demand–or that in the event of a transient shock, such as a financial crisis or a
famine, markets would quickly return to equilibrium. In other words, economists
believed that the study of individual markets would adequately explain the
behavior of what we now call aggregate variables, such as unemployment and
output.
The severe and prolonged global collapse in economic activity that occurred
during the Great Depression changed that. It was not that economists were unaware
that aggregate variables could be unstable. They studied business cycles–as
economies regularly changed from a condition of rising output and employment to
reduced or falling growth and rising unemployment, frequently punctuated by
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severe changes or economic crises. Economists also studied money and its role in
the economy. But the economics of the time could not explain the Great
Depression. Economists operating within the classical paradigm of markets always
being in equilibrium had no plausible explanation for the extreme «market failure»
of the 1930s.
If Adam Smith is the father of economics, John Maynard Keynes is the
founding father of macroeconomics. Although some of the notions of modern
macroeconomics are rooted in the work of scholars such as Irving Fisher and Knut
Wicksell in the late 19th and early 20th centuries, macroeconomics as a distinct
discipline began with Keynes’s masterpiece, The General Theory of Employment,
Interest and Money, in 1936. Its main concern is the instability of aggregate
variables. Whereas early economics concentrated on equilibrium in individual
markets, Keynes introduced the simultaneous consideration of equilibrium in three
interrelated sets of markets–for goods, labor, and finance. He also introduced
«disequilibrium economics», which is the explicit study of departures from general
equilibrium. His approach was taken up by other leading economists and
developed rapidly into what is now known as macroeconomics.
Coexistence and complementarity
Microeconomics is based on models of consumers or firms (which
economists call agents) that make decisions about what to buy, sell, or produce–
with the assumption that those decisions result in perfect market clearing (demand
equals supply) and other ideal conditions. Macroeconomics, on the other hand,
began from observed divergences from what would have been anticipated results
under the classical tradition.
Today the two fields coexist and complement each other.
Microeconomics, in its examination of the behavior of individual consumers
and firms, is divided into consumer demand theory, production theory (also called
the theory of the firm), and related topics such as the nature of market competition,
economic welfare, the role of imperfect information in economic outcomes, and at
the most abstract, general equilibrium, which deals simultaneously with many
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markets. Much economic analysis is microeconomic in nature. It concerns such
issues as the effects of minimum wages, taxes, price supports, or monopoly on
individual markets and is filled with concepts that are recognizable in the real
world. It has applications in trade, industrial organization and market structure,
labor economics, public finance, and welfare economics. Microeconomic analysis
offers insights into such disparate efforts as making business decisions or
formulating public policies.
Macroeconomics is more abstruse. It describes relationships among
aggregates so big as to be hard to apprehend – such as national income, savings,
and the overall price level. The field is conventionally divided into the study of
national economic growth in the long run, the analysis of short-run departures from
equilibrium, and the formulation of policies to stabilize the national economy–that
is, to minimize fluctuations in growth and prices. Those policies can include
spending and taxing actions by the government or monetary policy actions by the
central bank.
Bridging the micro/macro divide
Like physical scientists, economists develop theory to organize and simplify
knowledge about a field and to develop a conceptual framework for adding new
knowledge. Science begins with the accretion of informal insights, particularly
with observed regular relationships between variables that are so stable they can be
codified into «laws». Theory is developed by pinning down those invariant
relationships through both experimentation and formal logical deductions–called
models.
Since the Keynesian revolution, the economics profession has had
essentially two theoretical systems, one to explain the small picture, the other to
explain the big picture (micro and macro are the Greek words, respectively, for
«small» and «big»). Following the approach of physics, for the past quarter century
or so, a number of economists have made sustained efforts to merge
microeconomics and macroeconomics. They have tried to develop microeconomic
foundations for macroeconomic models on the grounds that valid economic
37
analysis must begin with the behavior of the elements of microeconomic analysis:
individual households and firms that seek to optimize their conditions.
There have also been attempts to use very fast computers to simulate the
behavior of economic aggregates by summing the behavior of large numbers of
households and firms. It is too early to say anything about the likely outcome of
this effort. But within the field of macroeconomics there is continuing progress in
improving models, whose deficiencies were exposed by the instabilities that
occurred in world markets during the global financial crisis that began in 2008.
How they differ
Contemporary microeconomic theory evolved steadily without fanfare from
the earliest theories of how prices are determined. Macroeconomics, on the other
hand, is rooted in empirical observations that existing theory could not explain.
How to interpret those anomalies has always been controversial. There are no
competing schools of thought in microeconomics–which is unified and has a
common core among all economists. The same cannot be said of macroeconomics
– where there are, and have been, competing schools of thought about how to
explain the behavior of economic aggregates. Those schools go by such names as
New Keynesian or New Classical. But these divisions have been narrowing over
the past few decades (Blanchard, Dell’Ariccia, and Mauro, 2010).
Microeconomics and macroeconomics are not the only distinct subfields in
economics. Econometrics, which seeks to apply statistical and mathematical
methods to economic analysis, is widely considered the third core area of
economics. Without the major advances in econometrics made over the past
century or so, much of the sophisticated analysis achieved in microeconomics and
macroeconomics would not have been possible.
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EXERCISES
1. Sum up the main ides of the text and retell it in Russian.
2. Fill in the missing words from the box into the text below.
five lower important emerging saw disasters earthquakes development
movements food rebellion could developed
Emerging markets have 1)________ agreed upon characteristics. First, they
have a lower-than-average per capita income. The World Bank defines developing
countries as those with either low or 2)________ middle per capita income of less
than $4,035.
Low income is the first 3)________ criteria because this provides an
incentive for the second characteristic, rapid growth. To remain in power, and to
help their people, leaders of 4)________ markets are willing to undertake the rapid
change to a more industrialized economy. In 2015, the economic growth of most
developed countries, such as the United States, Germany, the United Kingdom and
Japan, was between less than 3 percent.
Growth in Egypt, Turkey, and the United Arab Emirates was 4 percent or
more. China and India both 5)________ their economies grow around 7 percent.
Rapid social change leads to the third characteristics, high volatility. That
can come from three factors: natural 6)________, external price shocks, and
domestic policy instability.
Traditional economies that are traditionally reliant on agriculture are
especially vulnerable to disasters such as 7)________ in Haiti, tsunamis in
Thailand, or droughts in Sudan). But these disasters can lay the groundwork for
additional commercial 8)________ as it did in Thailand.
Emerging markets are more susceptible to volatile currency swings, such as
the dollar, and commodities, such as oil or food. That's because they don't have
enough power to influence these 9)________. For example, when the U.S.
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subsidized corn ethanol production in 2008, it caused oil and food prices to
skyrocket. That caused 10)________ riots in many emerging market countries.
When leaders of emerging markets undertake the changes needed for
industrialization, many sectors of the population suffer, such as farmers who lose
their land. Over time, this could lead to social unrest, 11)________ and regime
change. Investors 12)________ lose all if industries become nationalized, or the
government defaults on its debt.
This growth requires a lot of investment capital. But the capital markets are
less mature in these countries than the 13)________ markets. That's the fourth
characteristic. They simply don't have a solid track record of foreign direct
investment.
3. Read the following article and make a rendering of it in English.
Функции микроэкономики достаточно широкоаспектны. Это связано со
спецификой микроэкономики как отрасли научного знания и соответственно
с особенностями ее методик. Предметом изучения микроэкономики
считаются модели поведения разных субъектов экономической сферы.
Поэтому главным методом микроэкономического поля является метод,
связанный с
наблюдениями. Предметом наблюдения может быть поведение
человека или неких групп людей, сформированных по тому или иному
критерию (или нескольким критериям), в ипостаси производителя,
потребителя, покупателя или продавца. Такие методы выявляют факторы
определения того или иного поведения, наличия и выведения закономерных
особенностей их действия и работы. Для экономики ключевым методом
является абстракция
. Методика особенно хороша и для микроэкономической
сферы. В нее включены функции изучения:
• рыночных механизмов;
• рыночных составных звеньев;
• моделей поведения потребителей, продавцов и т.д.
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