Economics includes business administration, macroeconomics, and microeconomics.
He lived 1868 to 1924. She lived 1878 to 1972. They studied industrial production methods and quality controls. He studied job-task times and motions {time-and-motion study, Gilbreth}. He analyzed motions into elements {therblig}.
He lived 1855 to 1932, advocated market socialism, and studied management {Taylorism}. He studied job-task times and motions {time-and-motion study, Taylor}.
He lived 1841 to 1925 and discussed rational and efficient business administration, including central control, labor division, hierarchical command, ordered and stable processes, and initiative. He had five principles: forecasting and planning, organizing, commanding, coordinating, and controlling. He stated 14 management principles: labor specialization and division, authority with corresponding responsibility, discipline, unified command, unified direction, individual-interest subordination to general interest, staff remuneration, centralization, scalar authority chain, order, equity, tenure stability, initiative, and esprit de corps.
He lived 1886 to 1961 and wrote about the ideal administrator. Good administration depends on analysis, authority, communication, decision-making, expansion, goals, motivation, and purpose.
Business analysis requires looking for process critical, limiting, and strategic factors and making decisions to address these factors. Then further analysis finds new critical, limiting, and strategic factors. Good analysis uses past experience, connects decisions, analyzes decision-making process itself, and facilitates limiting options.
To have authority to lead, executive must be moral and qualified. Authority depends on subordinate acceptance of executive. The moral code defines authority levels, emphasizes loyalty to organization purposes, and sets goal to strive for excellence.
Communication is official, is only for employees, comes from communication center through accepted channels, goes through all proper stages, preferably only one stage, comes from authority, is authenticatable, and comes from someone responsible.
Executive decisions mostly limit choices. Consequence anticipations and results after previous actions limit choices. High-level decisions involve purposes and personnel. Middle-level decisions involve technical, economic, and social problems. Low-level decisions involve means to ends. Executives can protect themselves against decision criticism, by documentation and superiors' approval. Executives can ensure that authorities make decisions and take responsibility.
Organization must expand to gain more incentives for workers.
Organization has two main goals, which executive leads and to which organization adapts. The first goal is to reach organization purpose. The second goal is to motivate individuals. Meeting both goals requires willingness to cooperate among all employees, communication between all employees, and accepted purpose for organization. Purpose must be relevant to customers or environment, be attainable given resources and people, and fit with employee desires and hopes. Executive can motivate by distributing rewards in the most-efficient way, based on people's powers, wishes, needs, and abilities, to keep people satisfied. Direct incentives alone are not enough to satisfy employees. Propaganda, education, and training can persuade people. Technology, education, and opportunities to do more are other rewards. Executive must remember that people can always think about doing something else instead. Social relations can contribute to success but must be compatible with organization purposes.
As for motivation, best results happen if people have high pay and then give full value in return. Return value typically seems small to person giving it.
Purposes about family, religion, or country are personal, but business purposes are impersonal. All intentions, acts, and ideas communicate business purposes, to persuade people to accept them. Business purpose has parts that specialists can do, by place, time, other people required, resources, and methods.
She lived 1868 to 1933 and invented administration law of the situation.
Level 1 is Highly Capable Individual. Level 2 is Contributing Team Member. Level 3 is Competent Manager. Level 4 is Effective Leader. Level 5 {Level 5 Leadership} is Executive. Good executives are humble or quiet, are strong-willed, require self-discipline, sacrifice self for company, take responsibility, listen to and credit others, work for long-term company gain, and have high standards. They are not outsiders or flamboyant persons. They do not have charisma. They do not impose discipline.
Determine what company can do best, choose best method for cash flow and profits, choose main indicator, and have passion inside {Hedgehog Concept}.
He lived 1766 to 1834 and said that population increases until limited by environment.
He lived 1772 to 1823 and studied rents and agriculture and invented labor theory of value and growth. Land scarcity as population increases causes diminishing returns from agriculture, so food prices rise relative to other prices. Workers wages rise and reduce profit rates. With no incentive for investing, output, capital, and labor remain constant from then on. Rising wages cause even higher population and bring wages back down to subsistence level. Rents depend on land agricultural uses.
He lived 1842 to 1924 and invented equation relating money supply to income, utility and cost pricing {Cambridge equation, Marshall}.
He lived 1848 to 1923 and studied social stability, talent, and governing class. If people have defined preferences between all good and service pairs, Pareto optimum goods-and-services distribution happens, if no one person can satisfy more preferences while leaving other people the same.
Politics
People's emotions or beliefs {residues}, of which there are six types, cause actions, which people then justify {derivations}. Residues include need to associate with others, need to maintain social groups, and tendency to combine things.
He lived 1857 to 1929.
He lived 1883 to 1946 and studied marginal propensities. He suggested deficit spending to expand economy.
Epistemology
If alternatives have no known probabilities, they receive equal probability {indifference principle} {insufficient reason principle} {principle of indifference} {principle of insufficient reason}. This principle is not true because, if all probabilities are equal, people cannot learn from experience.
He lived 1895 to 1973 and started econometrics. He invented econometric time series [1927], impulse-propagation business cycles [1933], econometric linear regression analysis [1934], and production theory [1965].
He lived 1903 to 1994 and invented first national-economy model [1937].
He lived 1906 to 1999 and studied input-output analysis. USA exports labor-intense goods and imports capital-intensive goods {Leontief paradox} [1953]. It is because USA had trade surplus.
He lived 1904 to 1965 and advocated market socialism.
He lived 1883 to 1950 and studied entrepreneurs, innovation, and economic development. Capitalists manage, save, take risks, and supervise. Capitalists can save profits. Capitalists are at risk from business failure or trouble but have ownership as cushion. Capitalists use their social and economic power to get the most rewards and try to minimize rewards to workers. Capital tends to accumulate but has unfair distribution. Management can decentralize. Workers can supervise workers. Workers are at risk from business failure or trouble but have no ownership as cushion and cannot save profits.
He lived 1901 to 1985, found Kuznets business cycles, and studied national income growth.
He lived 1915 to ?.
He lived 1921 to ? and invented Arrow social welfare theorem. All markets balance supply and demand if in competitive equilibrium {general equilibrium theory}.
Individuals typically have preference orders among candidates when voting or among products and services when buying. Similarly, groups have preference orders among candidates or products and services. Individuals cannot significantly affect group preferences, because no person has significantly greater wealth, power, or influence than other people. Group preferences typically are sums of individual preferences, because votes or purchases add. Preferences can be independent. If these conditions are true, no method exists that guarantees that group preference order is consistent with sum of individual preference orders {voting paradox, Arrow} {Arrow paradox}.
He lived 1921 to ? and studied general equilibrium models {Arrow-Debreu model}, working with Kenneth Arrow [1954]. He worked on First and Second Welfare theorems [1951 and 1954], utility function for preference ordering [1954], quasi-equilibrium [1962], unique equilibria [1970], smooth preferences {differential calculus for economics} [1972], and core convergence rate [1975]. He made core convergence theorem [1962 to 1963], with Herbert Scarf. His market demand functions [1974] resulted in Debreu-Sonnenschein-Mantel theorem.
He lived 1912 to 2006, studied money supply and free markets, and suggested negative income tax. Capitalism is the most-efficient economic system. Capitalists manage, supervise, assume risks, and save. Capitalism provides individual economic and social freedom.
He lived 1924 to ? and studied growth [1956 to 1970]. He helped make constant elasticity-of-substitution production function [1961]. He studied long-run multiplier [1973].
He lived 1908 to ? and studied government social policy.
He lived 1919 to 2005.
He lived 1933 to ?. Value does not depend only on individual preferences {welfarism}. Goodness depends on people's average well-being {outcome utilitarianism}.
He lived 1930 to ? and invented a theory {theory of reflexivity} {reflexivity theory}.
She lived 1767 to 1849 and wrote about rent.
He lived 1835 to 1882. He started the marginalist revolution [1871] and developed marginal-utility theory of value. He advocated deductive science based on probability. In logic, he studied inclusive OR and developed logic of similar objects.
He lived 1840 to 1921, started the marginalist revolution [1871], and founded Austrian School. There was Methodenstreit {methodological debate} between German Historical School and Austrian School [1884].
He lived 1834 to 1910, created general equilibrium theory [1874], and founded Lausanne School. His student was Vilfredo Pareto. He contributed to the marginalist revolution.
He lived 1869 to 1955 and studied scientific management theory.
He lived 1884 to ? and studied scientific management theory.
He studied scientific management theory.
He lived 1865 to 1918 and studied administrative management theory. His wife was Charlotte Gulick [1865 to 1938]. They started Camp Fire Girls in 1910.
He lived 1891 to 1983 and studied scientific management theory.
He lived 1909 to ? and studied non-profit business policy.
He studied behavior and human relations.
He lived 1914 to 2005 and invented linear-programming simplex method, for operations research.
He lived 1910 to 1985 and used activity analysis model, instead of production function.
He studied leadership and organizational behavioral theory.
He lived 1925 to ? and studied leadership.
He studied systems theory or decision theory.
He studied organizational behavioral theory.
He studied systems theory or decision theory.
He lived 1875 to 1966 and led General Motors.
He studied organizational behavioral theory.
He lived 1918 to ? and studied actual business policy.
He reintroduced representative agents. Government-policy, culture, or expectation changes can change relationships between economic variables, so some predictions using historical data are inaccurate {Lucas Critique}. He invented theory of Real Business Cycles, with Finn E. Kydland and Edward C. Prescott, based on John Muth's rational expectations hypothesis [1961].
He lived 1923 to ? and studied organizational behavioral theory {double loop learning theory} [1976].
He studied actual business-policy stages: understanding problem or situation, deciding on solution, organizing resources, instructing participants, timing actions, and following results.
He studied actual business policy.
He lived 1952 to ? and studied actual business policy.
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Date Modified: 2022.0225