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The Harrod–Domar model was the precursor to the exogenous growth model. [4] Neoclassical economists claimed shortcomings in the Harrod–Domar model—in particular the instability of its solution [5] —and, by the late 1950s, started an academic dialogue that led to the development of the Solow–Swan model. [6] [7]
Sir Henry Roy Forbes Harrod (13 February 1900 – 8 March 1978) was an English economist.He is best known for writing The Life of John Maynard Keynes (1951) and for the development of the Harrod–Domar model, which he and Evsey Domar developed independently.
Domar's 1961 paper is cited as the source of Domar aggregation, a set of rules and processes for combining industry growth data together to get aggregate industry sector or national growth. Among his students was the economic historian Robert Fogel, who was awarded the Nobel Memorial Prize in Economics in 1993.
The Integrated Psychological Theory of leadership attempts to integrate the strengths of the older theories (i.e. traits, behavioral/styles, situational and functional) while addressing their limitations, introducing a new element – the need for leaders to develop their leadership presence, attitude toward others, and behavioral flexibility ...
In reviewing the older leadership theories, Scouller highlighted certain limitations in relation to the development of a leader's skill and effectiveness: [3] Trait theory: As Stogdill (1948) [4] and Buchanan & Huczynski (1997) had previously pointed out, this approach has failed to develop a universally agreed list of leadership qualities and "successful leaders seem to defy classification ...
Situational leadership is a prescriptive theory offering the manager guidance about what style to use in a given situation. Leadership theories, provides a guide on outlining their relevance to school leaders and business managers, highlighting their importance in understanding human behavior and organizational dynamics. [10]
Complementing this situational theory of leadership, Murphy wrote that leadership does not reside in the person, and it usually requires examining the whole situation. [45] In addition to situational leadership theory, there has been growing support for other leadership theories such as transformational, transactional, charismatic, and ...
Functional leadership theory (Hackman & Walton, 1986; McGrath, 1962) is a theory for addressing specific leader behaviors expected to contribute to organizational or unit effectiveness. This theory argues that the leader's main job is to see that whatever is necessary to group needs is taken care of; thus, a leader can be said to have done ...