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Alfred D. Chandler, Jr. - management, Pulitzer Prize for The Visible Hand: The Managerial Revolution in American Business (1977) Clayton M. Christensen; Alexander Hamilton Church - industrial management (1900s–1910s) C. West Churchman; Stewart Clegg; Ronald Coase - transaction costs, Coase theorem, theory of the firm (1950s) (Nobel Prize in 1991)
The First World War period saw a change of emphasis in economic theory away from industry-level analysis which mainly included analyzing markets to analysis at the level of the firm, as it became increasingly clear that perfect competition was no longer an adequate model of how firms behaved. Economic theory until then had focused on trying to ...
Rawls, J. (1971), A Theory of Justice, Harvard University Press, Cambridge Massachusetts. Lord Shaftesbury (1710), Enquiry Concerning Virtue. Smith, A. (1759), The Theory of Moral Sentiments, in Adam Smith's Moral and Political Philosophy, edited by H. Schneider, Harper, New York, 1948 and 1970.
According to McGregor, there are two opposing approaches to implementing Theory X: the hard approach and the soft approach. [7] The hard approach depends on close supervision, intimidation, and immediate punishment. [8] This approach can potentially yield a hostile, minimally cooperative workforce and resentment towards management. [6]
Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations are accounted for by real, in contrast to nominal, shocks. [1] RBC theory sees business cycle fluctuations as the efficient response to exogenous changes in the real economic environment.
The mythological Judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).. Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses the tools of expected utility and probability to model how individuals would behave rationally under uncertainty.
Location theory has become an integral part of economic geography, regional science, and spatial economics. Location theory addresses questions of what economic activities are located where and why. Location theory or microeconomic theory generally assumes that agents act in their own self-interest. Firms thus choose locations that maximize ...
In sociology and organizational studies, institutional theory is a theory on the deeper and more resilient aspects of social structure. It considers the processes by which structures, including schemes, rules, norms, and routines, become established as authoritative guidelines for social behavior. [ 1 ]