A Quote by Ronald Coase
Economics as currently presented in textbooks and taught in the classroom does not have much to do with business management, and still less with entrepreneurship.
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I began my career as an economics professor but became frustrated because the economic theories I taught in the classroom didn't have any meaning in the lives of poor people I saw all around me. I decided to turn away from the textbooks and discover the real-life economics of a poor person's existence.
I found marketing to be highly descriptive and prescriptive, without much of a foundation in deep research. I brought in economics, organization theory, mathematics, and social psychology in my first edition of Marketing Management in 1967. Today Marketing Management is in its 15th edition and remains the world's leading textbook on marketing in MBA programs. Subsequently, I wrote two more textbooks, Principles of Marketing and Marketing: an Introduction.
Entrepreneurship isn't for everyone, and not everyone is going to be an entrepreneur, but women who turn to business, turn to economics, because there are people depending on them, I think that their creativity, their resilience, their spirit, embody what's best about entrepreneurship.
What it takes to do a job will not be learned from management courses. It is principally a matter of experience, the proper attitude, and common sense — none of which can be taught in a classroom... Human experience shows that people, not organizations or management systems, get things done.
The idea of entrepreneurship applies as much in politics, religion, society and the arts as it does in business.
Management and entrepreneurship are only two different dimensions of the same task. An entrepreneur who does not learn how to manage will not last long. A management that does not learn to innovate will not last long.
Why not stakeholder action? There's no economic principal that says that management should be responsive to shareholders, in fact you can read in texts of business economics that they could just as well have a system in which the management is responsible to stakeholders.
The industry does have some influence on who gets other awards. With the Mercury Prize, they don't. Jon comes from the business, but his heart is still very much in the music. Currently, we have about 12 major names that have said they want to be a part of MUDDA.
Most brain scientists have not taught 4th grade, and don't know very much about the classroom, even though they might study learning in some detail. Most education professionals, who often know a tremendous amount about the classroom, don't know much about the brain. That is one of the reasons why I am so skeptical about applying brain findings to the classroom.
As a multisport athlete, I was always fascinated with competition and how to win. At HBS and later at the Harvard Department of Economics, I was drawn to the field of competition and strategy because it tackles perhaps the most basic question in both business management and industrial economics: What determines corporate performance?
Economics taught in most of the elite universities are practically useless in my context. My country [Afghanistan] is dominated by drug economy and a mafia; textbook economics does not work in my context.
When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.
There is no thing as a man who does not create mathematics and yet is a fine mathematics teacher. Textbooks, course material-these do not approach in importance the communication of what mathematics is really about, of where it is going, and of where it currently stands with respect to the specific branch of it being taught. What really matters is the communication of the spirit of mathematics. It is a spirit that is active rather than contemplative-a spirit of disciplined search for adventures of the intellect. Only as adventurer can really tell of adventures.
I've felt for some time that economics needs to be taught differently by economists who actually have had experience making a payroll or investing on Wall Street. When economics is taught by pure academics, watch out.
Women's battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
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