Ram Shivakumar

Ram Shivakumar, a Chicago Booth professor specializing in competitive strategy, dives into the distinctive approach of Trader Joe's in the fierce supermarket landscape. He emphasizes the importance of pursuing meaningful uniqueness over simply being the best. By examining Trader Joe's small stores and tailored operations, he illustrates how distinct business models can thrive. The discussion also touches on the relevance of game theory in strategy and the role of generative AI in enhancing strategic thinking. Key insights include adaptability, planning, and the pitfalls of survivorship bias.

Ram Shivakumar, a Chicago Booth faculty member, reshapes our understanding of economics beyond numbers, advocating for storytelling in teaching. He emphasizes that everyday decisions—like choosing a pizza—are rooted in economic principles. Ram argues economics is intuitive and accessible, highlighting how value comes from buyers, costs, and prices. He critiques math-heavy approaches, championing clarity for non-experts. In exploring competition and elasticity, he illustrates economics as a narrative, proving that models are stories at heart.