Friday, September 23, 2011

What Social Science Does and Doesn't Know

This article is about how to use scientific experiments in the social science field. And whether or not this would help mainly the field of economics in creating a more clear picture of how economics works within a society. The use of scientific proven facts in a field like economics would help other people understand what is going on in the world and in their society and how they could potentially change and shape their economic environment. 

One part of the article that I found particularly interesting is the success of Capital One and their reliance as a company on experimentation. Capital One was founded as an application of experimentation directly to business. Everything from product design, marketing, credit lines, and many more aspects of the company are all subjected to testing using thousands of experiments. Therefore the success of Capital One can be mainly attributed to the participation of consumers in experimentation.

This idea to me is astounding that it first, actually works and is successful, and second that it can be applied to something as amazing as a large company. As time goes on I think that this idea should be taken further and applied to not only large corporations but small businesses as well.  As our economic growth continues to build, and our economic society continues to change form, this experimentation should continue to advance and change with the times.

Moving away from how experimentation effects how businesses should be run and over-looked, could this method also be applied to more of our society? 

No comments:

Post a Comment