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It is the application of economic theory and methodology in business management practice. Focus on business efficiency. Defined as "combining economic theory with business practice to facilitate management's decision-making and forward-looking planning." Includes the use of an economic mindset to analyze business situations.
The authoritarian leadership style, for example, is approved in periods of crisis but fails to win the "hearts and minds" of followers in day-to-day management; the democratic leadership style is more adequate in situations that require consensus building; finally, the laissez-faire leadership style is appreciated for the degree of freedom it ...
Managerialism is the idea that professional managers should run organizations in line with organizational routines which produce controllable and measurable results. [1] [2] It applies the procedures of running a for-profit business to any organization, with an emphasis on control, [3] accountability, [4] measurement, strategic planning and the micromanagement of staff.
Path-goal theory is a contingency theory linking appropriate leader style to organizational conditions and subordinate personality. [45] Transformational leadership theory concerns the behaviors leaders engage in that inspire high levels of motivation and performance in followers.
Organizational economics is known for its contribution to and its use of: Transaction cost theory: costs incurred to organize an activity, especially regarding research of information, bureaucracy, communication etc. Agency theory: dilemmas connected to making decisions on behalf of, or that impact, another person or entity.
Leadership studies is a multidisciplinary academic field of study that focuses on leadership in organizational contexts and in human life. Leadership studies has origins in the social sciences (e.g., sociology, anthropology, psychology), in humanities (e.g., history and philosophy), as well as in professional and applied fields of study (e.g., management and education).
A leadership style is a leader's method of providing direction, implementing plans, and motivating people. [1] Various authors have proposed identifying many different leadership styles as exhibited by leaders in the political, business or other fields.
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 ...