Friday, May 23, 2014

Prof Dr. Paul Cootner - Biography and Contribution - Capital and Commodity Markets

Paul Cootner worked as Professor of Finance in the Stanford Graduate School of Business. He died of a heart attack on  April 16, 1978.

He was an internationally known scholar in the fields of investment and capital market theory and commodities futures markets.

Cootner was born in Logansport, Indiana, on May 25, 1930. He received his B.S (1949)
and M.A. (1950) degrees from the University of Florida. He received his PhD degree in
Industrial Economics from M.I.T. in 1953. His dissertation dealt with innovation and
economic development, based on an extensive analysis of railroads in the U.S. from 1826
through 1886.

After a year at Brown University and service in the Army, he went to Resources for the  Future. There he did the work which resulted in co-authorship of Water Demand for Steam  Electric Generation (1966).

In 1959 he joined  M.I.T.'s Sloan School as a member of the finance faculty. There he began his work and publications on the "random walk" theory of securities prices, which resulted in the preparation and editing of The Random Character of Stock Market Prices (1964).

His interests were remarkably wide-ranging.  He engaged in detailed studies of a variety of industries, including steam power generation, natural gas pipelines, copper, and pharmaceuticals. He developed a dee He developed a deep interest in commodity prices and the operation of  futures markets, in which he became both a leading theorist and practitioner. His 1967 paper on speculation and hedging provided a synthesis of earlier ideas and a number of new and important approaches to the subject.  He studied speculation in the
government securities market and related it to bank behavior. He coauthored detailed studies of commercial banking and of the savings and loan industry. He worked on issues  dealing with electronic funds transfer systems, and published 'Retail Banking in the Electronic Age (1977)', coauthored with two Stanford colleagues.

 His final paper "Capital Asset Pricing in a General Equilibrium Framework" (1978) contains a more complete theory than had previously been developed, and provides the base for further work in this area which is central to the entire field of finance.

Lilian Gilbreth - Biography and Contribution - Industrial Psychology and Industrial Engineering

 (May 24, 1878 – January 2, 1972)

Lillian Evelyn Moller Gilbreth  was an American psychologist and she contributed to the development of  industrial engineering. She is given credit as the first true industrial/organizational psychologist.

Gilbreth was born in Oakland, California on May 24, 1878.  She attended Oakland High School and  graduated with exemplary grades in May 1896.

She graduated from the University of California in 1900 with a bachelor's degree in English literature. She originally pursued her master's degree at Columbia University, where she was exposed to the subject of psychology. However, due to illness, she returned home and  finished her master's degree in literature at the University of California in 1902.

She married  Frank Bunker Gilbreth, Sr.on October 19, 1904, in Oakland. Gilbreth completed a dissertation. She attempted to obtain a doctorate from the University of California in 1911, but was not awarded the degree due to noncompliance with residency requirements for doctoral candidates. The dissertation was  published as The Psychology of Management. Subsequently, she attended Brown University and earned a Ph.D in 1915, having written a second dissertation on efficient teaching methods called "Some Aspects of Eliminating Waste in Teaching". It was the first degree granted in industrial psychology.

Lillian Gilbreth  helped industrial engineers see the importance of the psychological dimensions of work. She became the first American psychologist to create a synthesis of psychology and scientific management. By applying the principles of scientific management to household tasks, Gilbreth "sought to provide women with shorter, simpler, and easier ways of doing housework to enable them to seek paid employment outside the home."

. Both Lillian and Frank Gilbreth believed that scientific management as formulated by Taylor fell short when it came to managing the human element on the shop floor.

She and her husband were partners in the management consulting firm of Gilbreth, Inc., which performed time and motion study. Additionally, the Gilbreths did research on fatigue study, the forerunner to ergonomics.

Domestic management and home economics[edit]
The Gilbreth children often took part in the experiments. Gilbreth was instrumental in the development of the modern kitchen, creating the "work triangle" and linear kitchen layouts that are often used today.

While residing in Providence, Rhode Island, she and husband taught free two-week summer schools in scientific management from 1913 to 1916. After her husband's death that she created a formal motion study course. Her first course began in January 1925, and it offered to "prepare a member of an organization, who has adequate training both in scientific method and in plant problems, to take charge of Motion Study work in that organization." Coursework included laboratory projects and field trips to private firms to witness the application of scientific management. She ran a total of seven motion study courses out of her home in Montclair, New Jersey until 1930.

Lilian Gilbreth had been lecturing at Purdue University since 1925, where her husband had previously given annual lectures. This led to a visiting professorship in 1935, when she became the first female engineering professor at Purdue; she was granted full professorship in 1940, dividing her time between the departments of industrial engineering, industrial psychology, home economics, and the dean's office where she consulted on careers for women. In the School of Industrial Engineering, she help establish a time and motion study laboratory, and transferred motion study techniques to the home economics department under the banner of "work simplification"  She retired from Purdue in 1948.

She was also appointed Knapp Visiting Professor at the University of Wisconsin's School of Engineering, and taught at other universities including the Newark College of Engineering , Bryn Mawr College, and Rutgers University. She also taught at Massachusetts Institute of Technology in 1964, at the age of 86.

She died on January 2, 1972 in Phoenix, Arizona.

Awards and achievements[edit]
During her career, Gilbreth received numerous awards and honors, including 23 honorary degrees from such schools as Princeton University, Brown University, and the University of Michigan. She was named 1954 Alumna of the Year by the University of California's alumni association. She was accepted to the membership of the American Society of Mechanical Engineers in 1926, becoming its second female member; the society later awarded both her and her husband (posthumously) the Henry Laurence Gantt Medal in 1944 for her contributions to industrial engineering. In 1950, she was the first honorary member of the newly created Society of Women Engineers.

In 1965, she became the first woman elected to the National Academy of Engineering. The next year, she received the Hoover Medal, an engineering prize awarded jointly by five engineering societies, for her "contributions to motion study and to recognition of the principle that management engineering and human relations are intertwined.... Additionally, her unselfish application of energy and creative efforts in modifying industrial and home environments for the handicapped has resulted in full employment of their capabilities and elevation of their self-esteem".

In 1984, the United States Postal Service issued a 40¢ Great Americans series postage stamp in Gilbreth's honor, and she was lauded by the American Psychological Association as the first female  psychologist to be so commemorated.

Multiple engineering awards have been named in her honor. The Lilian M. Gilbreth Lectureships were established in 2001 by the National Academy of Engineering, to recognize outstanding young American engineers, while the highest honor bestowed by the Institute of Industrial Engineers is the Frank and Lillian Gilbreth Industrial Engineering Award, for "those who have distinguished themselves through contributions to the welfare of mankind in the field of industrial engineering". (  )At Purdue University, the Lilian M. Gilbreth Distinguished Professor is an honor bestowed on a member of the industrial engineering department. Additionally, the Society of Women Engineers awards the Lillian Moller Gilbreth Memorial Scholarship to deserving female engineering undergraduates.

Lillian and husband Frank have a permanent collection in the Smithsonian National Museum of American History, and her portrait hangs in the National Portrait Gallery.[61] Their papers are housed in The Frank and Lillian Gilbreth Library of Management at Purdue University.

In 1941, Dr. Gilbreth was made an honorary member of Mortar Board by the Purdue University chapter of the esteemed national honor society.

Selected bibliography

The Psychology of Management: the Function of the Mind in Determining, Teaching and Installing Methods of Least Waste (1914)
Applied motion study; a collection of papers on the efficient method to industrial preparedness. (1917) with Frank B. Gilbreth
Fatigue Study: The Elimination of Humanity's Greatest Unnecessary Waste; a First Step in Motion Study (1916) with Frank B. Gilbreth
Motion Study for the Handicapped (1920) with Frank B. Gilbreth
The Quest of the One Best Way: A Sketch of the Life of Frank Bunker Gilbreth (1925)
The Home-maker and Her Job (1927)
Living With Our Children (1928)
Normal Lives for the Disabled (1948), with Edna Yost
The Foreman in Manpower Management (1947), with Alice Rice Cook
Management in the Home: Happier Living Through Saving Time and Energy (1954), with Orpha Mae Thomas and Eleanor Clymer
As I Remember: An Autobiography (1998), published posthumously

Michael Porter - Biography and Contribution - Strategic Management - Competitive Strategy and Advantage

Michael Eugene Porter  is the Bishop William Lawrence University Professor at The Institute for Strategy and Competitiveness, based at the Harvard Business School. He is a leading authority on competitive strategy of companies and he extended the theory to the competitiveness and economic development of nations, states, and regions.

He was born on 23 May 1947

Michael Eugene Porter received a BSE with high honors in aerospace and mechanical engineering from Princeton University in 1969. He completed his MBA with high distinction in 1971 from Harvard Business School. He obtained PhD in business economics from Harvard University in 1973.

In 2000, Michael Porter was appointed a Harvard University Professor.

Porter studied the effect of competitive forces on industries and their profitability and developed the Porter five forces analysis framework for analyzing industries.

Michael Porter is the author of 18 books  including Competitive Strategy, Competitive Advantage, Competitive Advantage of Nations, and On Competition. Porter wrote many journal and magazine articles describing his research to scientific audience and its application in business to practitioner audience. He is a six-time winner of the McKinsey Award for the best Harvard Business Review article of the year. Porter acknowledges the achievement with a statement in  a 2010 interview: "What I've come to see as probably my greatest gift is the ability to take an extraordinarily complex, integrated, multidimensional problem and get arms around it conceptually in a way that helps, that informs and empowers practitioners to actually do things."

His ideas on strategic management are taught in virtually every business school in the world.

His main academic objectives focus on how a firm or a region can build a competitive advantage and develop competitive strategy; the competitiveness of nations, regions and cities; and solutions to social problems. He is also a Fellow Member of the Strategic Management Society. One of his most significant contributions is the five forces. Porter's strategic system consists primarily of:

Competitive advantage, which describes how companies choose to be lower cost or differentiated relative to rivals;
Porter five forces analysis that identifies the prospective profitability and attractiveness of industries;
Strategic groups

Value chain analysis, which determines how organizational activities contribute to the chosen strategy of the organization - cost leadership or differentiation.
Generic strategies of cost leadership, product differentiation, and focus, based on choices regarding competitive scope and competitive advantage;
Porter's clusters of competence for regional economic development
Diamond model, a framework for understanding why particular nations are more competitive; and
Porter's four corners model
Competition among nations

Michael Porter is one of the founders of The Monitor Group, a strategy consulting firm. In 2013 Monitor was sold to Deloitte Consulting through a structured bankruptcy proceeding.

Selected Publications

Papers and Articles

Porter, M.E. (1987) "From Competitive Advantage to Corporate Strategy", Harvard Business Review, May/June 1987, pp 43–59.
Porter, M.E. (1991) "Towards a Dynamic Theory of Strategy", Strategic Management Journal, 12 (Winter Special Issue), pp. 95–117
Porter, M.E. (1996) "What is Strategy", Harvard Business Review, Nov/Dec 1996.
McGahan, A.M. & Porter, M.E. Porter. (1997) "How Much Does Industry Matter, Really?" Strategic Management Journal, 18 (Summer Special Issue), pp. 15–30.
Porter, M.E. (2001) "Strategy and the Internet", Harvard Business Review, March 2001, pp. 62–78.
Porter, M.E. & Kramer, M.R. (2006) "Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility", Harvard Business Review, December 2006, pp. 78–92.
Porter, M.E. (2008) "The Five Competitive Forces That Shape Strategy", Harvard Business Review, January 2008, pp. 79–93.
Porter, M.E. & Kramer, M.R. (2011) "Creating Shared Value," Harvard Business Review, Jan/Feb 2011, Vol. 89 Issue 1/2, pp 62–77

Porter, M.E. (1979) "How Competitive Forces Shape Strategy", Harvard Business Review, March/April 1979.
Porter, M.E. (1980) Competitive Strategy, Free Press, New York, 1980.
Porter, M.E. (1985) Competitive Advantage, Free Press, New York, 1985.
Porter, M.E. (ed.) (1986) Competition in Global Industries, Harvard Business School Press, Boston, 1986.

Porter, M.E. (1998) On Competition, Boston: Harvard Business School, 1998.
Porter, M.E. (1990, 1998) "The Competitive Advantage of Nations", Free Press, New York, 1990.

Tuesday, May 20, 2014

Edwin C. Nevis - Biography and Contribution - Gestalt Approach

Edwin C. Nevis  was an organizational psychology thinker  who identified Maslow's hierarchy of needs as culturally relative and formulated a hierarchy of needs for Chinese culture and a mode of classifying hierarchies of needs in different cultures. He co-founded the Gestalt Institute of Cleveland and founded the Gestalt International Study Center, and was a faculty member in management at the MIT Sloan School of Management.

Nevis was born in Brooklyn on May 20, 1926.

He earned an undergraduate degree from City College of New York, a Master's from Columbia University, and a Ph.D. from Western Reserve University. His PhD was in the area of industrial and organizational psychology.

Nevis taught at the MIT Sloan School of Management for almost 17 years.  In 1956 he was one of the founders of the Gestalt Institute of Cleveland; he was its president until 1973 and created its Organizational & System Development and International OSD programs. In 1979 he and his wife, Sonia M. Nevis, founded the Gestalt International Study Center in Wellfleet, Massachusetts; he was its president until 2007.

In 1981, while teaching organization psychology in a management program in Shanghai, Nevis's observation of individuals there led him to conclude that their hierarchy of needs differed from that propounded by Abraham Maslow, which was based on American culture, and to formulate a Chinese hierarchy, Nevis's hierarchy of needs. He regarded the need hierarchies of different cultures as classifiable with reference to an individualism-collectivism dimension and an ego-social dimension.

Nevis's Organizational Consulting: A Gestalt Approach (1987) was his "signature book."

In 2010, Nevis was awarded the Organization Development Network's Lifetime Achievement Award.

He died of lymphoma in Wellfleet on May 20, 2011, his 85th birthday

Some Publications

Organizational Consulting: A Gestalt Approach. Gestalt Institute of Cleveland Press; New York: Gardner, 1987. ISBN 978-0-89876-124-5
2013 Edition:

(with Anthony J DiBella) How Organizations Learn: An Integrated Strategy for Building Learning Capability. Jossey-Bass business & management series. San Francisco: Jossey-Bass, 1998. ISBN 978-0-7879-1107-2

(with Joan E. Lancourt and Helen G. Vassallo) Intentional Revolutions: A Seven-Point Strategy for Transforming Organizations Gestalt Institute of Cleveland publications. Jossey-Bass business & management series. San Francisco: Jossey-Bass, 1996. ISBN 978-0-7879-0240-7

(with Joseph Melnick) Mending the World: Social Healing Interventions by Gestalt Practitioners Worldwide. Gestalt International Study Center publications. Xlibris, 2009. ISBN 978-1-4415-7524-1

Henry Gantt - Biography and Contribution - Industrial Engineering

Henry Laurence Gantt, A.B., M.E. (May 20, 1861 – November 23, 1919) was an American mechanical and industrial engineering.

Gantt was born in Calvert County, Maryland. He graduated from McDonogh School in 1878 and from Johns Hopkins University in 1880. He taught at the McDonogh School for three years. He received a Masters of Engineering degree from the Stevens Institute of Technology in New Jersey.

In 1884 he joined as a Mechanical Engineer with Pool and Hunt of Baltimore. In 1887 became an assistant to Frederick W. Taylor in applying industrial engineering (scientific management) principles to the work at Midvale Steel and Bethlehem Steel, working there with Taylor until 1893. In his later career as a management systems  consultant, he designed the 'task and bonus' system of wage payment and additional measurement methods for worker efficiency and productivity.

In 1916, influenced by Thorsten Veblen he set up the New Machine, an association which sought to apply the criteria of industrial efficiency to the political process. In association with the Marxist,  Walter Polakov he led a group from the 1916 ASME conference to discuss Gantt's call for socialising industrial production under the control of managers incorporating Polakov's analysis of inefficiency in the industrial context.

The American Society of Mechanical Engineers (ASME) awards an annual medal in honor of Henry Laurence Gantt.

Henry Gantt's legacy to production management is the following:

Industrial Efficiency: Industrial efficiency can be improved by the application of scientific analysis to all aspects of the work in progress. The industrial management role is to improve the system by eliminating chance and accidents.
The Task And Bonus System: He linked the bonus paid to managers to how well they taught their employees to improve performance.
The Gantt chart: Still accepted as an important management tool today, it provides a graphic schedule for the planning and controlling of work, and recording progress towards stages of a project. The chart has a modern variation, Program Evaluation and Review Technique (PERT).
The social responsibility of business: He believed that businesses have obligations to the welfare of the society in which they operate.

Gantt and Charts for Visual Display of Load and Schedule
Gantt created many different types of charts. He designed his charts so that foremen or other supervisors could quickly know whether production was on schedule, ahead of schedule, or behind schedule. Modern project management software includes this critical function even now.

Gantt (1903) describes two types of balances:

The "man’s record", which shows what each worker should do and did do, and
the "daily balance of work", which shows the amount of work to be done and the amount that is done.
Gantt gives an example with orders that will require many days to complete. The daily balance has rows for each day and columns for each part or each operation. At the top of each column is the amount needed. The amount entered in the appropriate cell is the number of parts done each day and the cumulative total for that part. Heavy horizontal lines indicate the starting date and the date that the order should be done. According to Gantt, the graphical daily balance is "a method of scheduling and recording work". In this 1903 article, Gantt also describes the use of: "production cards" for assigning work to each operator and recording how much was done each day.

In his 1916 book "Work, Wages, and Profits"  Gantt explicitly discusses scheduling, especially in the job shop environment. He proposes giving to the foreman each day an "order of work" that is an ordered list of jobs to be done that day. Moreover, he discusses the need to coordinate activities to avoid "interferences". However, he also warns that the most elegant schedules created by planning offices are useless if they are ignored, a situation that he observed.

In his 1919 book "Organizing for Work"  Gantt gives two principles for his charts:

one, measure activities by the amount of time needed to complete them;
two, the space on the chart can be used to represent the amount of the activity that should have been done in that time.

Gantt’s machine record chart and man record chart are quite similar, though they show both the actual working time for each day and the cumulative working time for a week. Each row of the chart corresponds to an individual machine or operator. These charts do not indicate which tasks were to be done, however.

Some Publications

Henry L. Gantt, Dabney Herndon Maury (1884) The Efficiency of Fluid in Vapor Engines. D. Van Nostrand.
Henry L. Gantt (1903) A graphical daily balance in manufacture
Henry L. Gantt (1908) Training Workmen in Habits of Industry and Coöperation. 12 pages.
Henry L. Gantt (1910) The Compensation of Workmen ...: A Lecture Delivered Before the Harvard Graduate School of Business Administration, Dec. 15, 1910. 116 pages.
Henry L. Gantt (1910), Work, Wages, and Profits: Their Influence on the Cost of Living, New York, New York, USA: Engineering Magazine Company, LCCN 10014590. (See also second edition, revised and enlarged.)
Henry L. Gantt (1916), Industrial leadership, New Haven: Yale University Press.
Henry L. Gantt (1919), Organizing for Work, New York, New York, USA: Harcourt, Brace, and Howe, LCCN 19014919.

Monday, May 19, 2014

Prof. Dr. Harold Koontz - Biography and Contribution - Principles of Management

Harold Koontz was born on 19 May 1908

 Prof. Koontz started as a professor of Management in the UCLA School of Business (now the Graduate School of Management) in 1950, after extensive business experience and government service. He retired in July 1979.

Harold Koontz had a remarkable career in working with top managers in business and government and in teaching and writing in the field of the management of organizations.

His first book, (Men, Groups and the Community) was produced in 1939 with T. H. Robinson and others. A number of his books were milestones in management literature, the most outstanding was the one  written with Prof. Cyril O'Donnell and later Prof. Hans Weihrich, was Principles of Management. This book, first published in 1955  has been translated into fifteen foreign languages. When published the book immediately became a dominant textbook, a position it still holds, and is required reading for students and managers throughout the world seeking a basic understanding of the management processes.

A number of his other books broke new paths in management thought. Two are particularly noteworthy. In 1964, with other authors, Prof. Koontz sought to build a unified management discipline from the many different approaches to management with the publication of Towards a Unified Theory of Management. In 1975, with Prof. Robert Fulmer, he published A Practical Introduction to Business, now in its fourth edition, which was an instant success in universities and colleges.

He consistently contributed to the analysis and study of management through the publication of ninety articles in professional and scholarly journals.

Prof. Koontz's scholarship and professional contributions were recognized with many personal honors of which the most noteworthy was his association with the Academy of Management. In 1957 he was named a fellow of the Academy of Management, and in 1962 a fellow of the International Academy of Management. He was President of the Academy of Management (1963). From 1975 to 1982 he served as Chancellor of the International Academy of Management.

Professor Emeritus Prof. Harold Koontz, age 75, died February 11, 1984.


Principles of Management - List 

Management: A Global, Innovative and Entrepreneurial Perspective
Principles of Management: 14th Edition, 2013

Essentials of Management: 8th Edition

Saturday, May 17, 2014

Prof. Dr. Catherine Tucker - Biography and Contribution - Online Advertising





'Can Healthcare Information Technology Save Babies?' with Amalia Miller, Journal of Political Economy, Vol. 119 No. 2, April 2011, pp. 289–324.
‘Search Engine Advertising: Channel Substitution when Pricing Ads to Context’, with Avi Goldfarb, Management Science, Vol. 57 No 3, March 2011, pp. 458–470.
‘Privacy Protection and Technology Diffusion: The Case of Electronic Medical Records’ with Amalia Miller, Management Science (Lead Article), Vol. 55 No. 7, July 2009, pp. 1077–1093.
'Privacy Regulation and Online Advertising' with Avi Goldfarb, Management Science, Vol. 57 No. 1, January 2011, pp. 57–71.
'Online Display Advertising: Targeting and Obtrusiveness' with Avi Goldfarb, Marketing Science (Lead Article and Discussion Paper), Vol. 30 No. 3, May–June 2011, pp. 389–404.
‘When Does Retargeting Work? Timing Information Specificity’ with Anja Lambrecht, forthcoming at the Journal of Marketing Research.

Prof. Dr. Edward T. Hall - Biography and Contribution - Nonverbal Communication


Proxemic Theory - 1966

Books Authored

The Silent Language (1959)
The Hidden Dimension (1966)
The Fourth Dimension In Architecture: The Impact of Building on Behavior (1975, co-authored with Mildred Reed Hall)
Beyond Culture (1976)
The Dance of Life: The Other Dimension of Time (1983)
Handbook for Proxemic Research
Hidden Differences: Doing Business with the Japanese
An Anthropology of Everyday Life: An Autobiography (1992, Doubleday, New York)
Understanding Cultural Differences - Germans, French and Americans (1990, Yarmouth, Maine)
West of the Thirties. Discoveries Among the Navajo and Hopi (1994, Doubleday, New York etc.)

Thursday, May 15, 2014

Doppelgänger Brand Image - Research Issues

How Doppelgänger Brand Images Influence the Market Creation Process: Longitudinal Insights from the Rise of Botox Cosmetic
Markus Giesler
Journal of Marketing, November 2012

A doppelgänger brand image is a family of disparaging images and stories about a brand that are circulated in popular culture by a loosely organized network of consumers, antibrand activists, bloggers, and opinion leaders in the news and entertainment media.

The Market Creation Process in the Presence of Doppelganger Brand Images

The market creation process may be understood as a progressive sequence of brand image battles. The meanings of a new technological product or practice evolve in the course of contestations between brand images promoted by the innovator and doppelgänger brand images promoted by other stakeholders.

Read the summary of the article
Summary of the article AMA Site

Craig J. Thompson, Aric Rindfleisch, Zeynep Arsel (2006). Emotional Branding and the Strategic Value of the Doppelgänger Brand Image. Journal of Marketing: Vol. 70, No. 1, pp. 50-64.

Effect of Store Remodeling - Research Issues

Tracey S. Dagger and Peter J. Danaher (2014) Comparing the Effect of Store Remodeling on New and Existing Customers. Journal of Marketing: May 2014, Vol. 78, No. 3, pp. 62-80.

Firm Value Creation Through Channel Expansions - Research Issues

Christian Homburg, Josef Vollmayr, and Alexander Hahn (2014) Firm Value Creation Through Major Channel Expansions: Evidence from an Event Study in the United States, Germany, and China. Journal of Marketing: May 2014, Vol. 78, No. 3, pp. 38-61.

Paul Samuelson - Biography and Publications

Prof. Dr. Paul Samuelson was born in Gary, Indiana, in 1915 on 15 May. . He received the degree of Bachelor of Arts from Chicago University in 1935, and the degrees of Master of Arts in 1936, and Doctor of Philosophy in 1941 from Harvard University.

He was awarded the David A. Wells Prize in 1941 by Harvard University, and the John Bates Clark Medal by the American Economic Association in 1947, as the living economist under forty "who has made the most distinguished contribution to the main body of economic thought and knowledge."

Confronted by contradictions, overlaps, and fallacies in the classical language of economics, he sought unification - and clarification - in mathematics. In his first major work, Foundations of Economic Analysis, published in 1947, he demonstrated that this approach worked.  He did not claim mathematics as the cure-all or end-all of economic analysis, but he was insisting that mathematics was essential to an understanding of what economics was all about.

His Economics: An Introductory Analysis, first published in 1948, has become the best selling economics textbook of all time. The textbook has sold more than a million copies and has been translated into French, German, Italian, Hungarian, Polish, Korean, Portuguese, Spanish and Arabic.  "The book's emphasis on different themes has changed with the changing of the nation's economic problems,"  Some economists regard Samuelson's authorship of the book as a great contribution that competes for importance with his research publications. It has gone a long way toward giving the world a common economic language."

He was co-author of Readings in Economics, published in 1955, and has co-authored numerous other works in the field. His book,  Linear Programming and Economic Analysis, was written in collaboration with Robert Dorfman and Robert Solow. Mathematical economics is applied to practical problems in international trade, transportation and marketing, competitive strategy in business and government, industrial production, and defense planning. Such complex problems of choice can now be analyse analysed by the mathematical economics which Professor Samuelson has developed.

He came to M.I.T. in 1940 as an Assistant Professor of Economics and was appointed Associate Professor in 1944. He served as a staff member of the Radiation Laboratory from 1944-1945, was Professor of International Economic Relations (part-time) at the Fletcher School of Law and Diplomacy in 1945. He was appointed Professor at M.I.T. in 1947.

Professor Samuelson has served widely as a consultant. He worked for the National Resources Planning Board from 1941-1943 (in charge of war-time planning for continuing full employment); the War Production Board and Office of War Mobilization and Reconstruction in 1945 (economic and general planning program); the United States Treasury, 1945-1952; the Bureau of the Budget in 1952; the Research Advisory Panel to the President's National Goals Commission from 1959-1960; the Research Advisory Board Committee for Economic Development in 1960. He was a member of the National Task Force on Economic Education from 1960-1961 and has been a consultant to the Rand Corporation since 1949. He is an informal consultant for the United States Treasury and the Council of Economic Advisors. He is also a consultant to the Federal Reserve Bank. He was Economic Advisor to Senator, candidate, and President-elect Kennedy and was the author of the January 5, 1961 "Samuelson Report on the State of the American Economy to President-elect Kennedy." His consultation for the government has brought him national recognition as an economic advisor. In 1965 he was elected president of the International Economic Association.

Samuelson gave the opinion that inflation is a major problem in the years to come. "The history of the twentieth century," he wrote, " - America's century! - has been pretty much a history of rising prices... inflation is itself a problem. But the legitimate and hysterical fears of inflation are - quite aside from the evil of inflation itself - likely, in their own right, to be problems. In short, I fear inflation. And I fear the fear of inflation. Avoiding inflation is not an absolute imperative, but rather is one of a number of conflicting goals that we must pursue and that we may often have to compromise. Even if the military outlook were serene - and it is not - modern democracies must expect in the future to be much of the time at, or near, the point where inflation is a concern. Our greatest economic problem will be to face that concern realistically, to weigh inflation's quantitative evil against the evils of actions taken against it, to develop methods of adjusting to the residue of inflation which attainment of the 'golden mean' might involve. The challenge is great but the prognosis is cheerful."

In an interview in 1960 with U.S. News World Report, Professor Samuelson talked about a new kind of inflation - what he called "cost-push." As contrasted to the familiar kind of inflation - where too much spending power pulls up prices and wages - cost-push inflation is "a force that operates year-in and year-out, whenever we are at high employment, to push up prices. It's a price creep, not a price gallop; but the bad thing about it is that, instead of setting in only after you have reached overfull employment, the suspicion is dawning that it may be a problem that plagues us even when we haven't arrived at a satisfactory level of employment."

In his report to President-elect Kennedy in 1961 on the state of the American economy, he wrote: "Various experts, here and abroad, believe that the immediate postwar inflationary climate has now been converted into an epoch of price stability. One hopes this cheerful diagnosis is correct. However, a careful survey of the behavior of prices and costs shows that our recent stability in the wholesale price index has come in a period of admittedly high unemployment and slackness in our economy. For this reason it is premature to believe that the restoration of high employment will no longer involve problems concerning the stability of prices.

In this report to President-elect Kennedy, Professor Samuelson made certain minimal policy recommendations "that need to be pushed hard even if the current recession turns out to be one that can be reversed by next summer at the latest." He urged strong support of pledged expenditure programs, including: increasing defense expenditures and foreign aid on a basis of merit and need, vigorously pushing educational programs, high priority for urban renewal and health and welfare programs, highest priority on improving unemployment compensation, acceleration of useful public works and highway construction programs, help for depressed areas programs, and natural resource development projects.

To stimulate residential housing, he recommended reducing mortgage rates, mortgage discounts, insurance fees, and extension of maximum amortization periods, and a step-up in the Federal National Mortgage Association mortgage purchasing program. In monetary policy he specifically urged more reliance upon short term issues (to nudge a reduction in long term rates), and decisive actions to improve our international balance of payments position.

On the question of unemployment levels, Professor Samuelson commented  in December, 1960: "I think, without question, that unemployment of more than 6 per cent is something to be concerned about."

A further question in the interview asked what degree of responsibility the government has to insure high employment. Replied Professor Samuelson: "I think I would say simply that the American people have expressed the choice that it is their concern to see that large departures from high employment will not be tolerated... I never look upon the government as something in Washington that does something to us or for us. I think of public policy as a way in which we organize our affairs, and so I do think it is part of fiscal responsibility and monetary-policy responsibility to be discontented with the sort of unemployment we had in the prewar decade, and with the sort of exuberant booms leading to crises and panics that we have had throughout the history of our capitalistic system."

Professor Samuelson has been active in a number of honorary and professional organizations. He is a member of the American Academy of Arts and Sciences, a fellow of the American Philosophical Society and the British Academy; he is a member and past President (1961) of the American Economic Association; he is a member of the editorial board and past-President (1951) of the Econometric Society; he is a fellow, council member and past Vice-President of the Economic Society.

He is the author of hundreds of articles in journals and magazines.


Summary of Some of Chapters from Samuelson Book - Principles of Economics

Economics - Revision Articles

Nobel Memorial Lecture by Paul Samuelson - 11 December 1970
Maximum Principles in Analytical Economics

Friday, May 9, 2014

Research Themes - 2013-14 - Bibliography - Some Selected Papers

The collection is based on the research topics initially chosen by the NITIE fellowship students of 2013-14 batch.

Agricultural Development Projects

Bank NPA


Cognitive Dissonance

Consumer Value Perception

Game Theory in Supply Chain


Information Overload - Effect on Choice

IT Use

Lean Warehouse

Project Portfolio Management

Enterprise Project Portfolio Management Solution - Oracle

Supply Chain Quality Dimension

Empirical or Case Approach - Management Thought Development Approach

Studies management activity through case studies. Identifies successes and failures. Develops principles from it. We can now says it is case study research approach. Ernest Dale was the pioneer of this approach.

Approaches for Analysis of Management Activity for Theory Building and Principles Development

Managerial Roles Approach - Management Thought Development Approach

Mintzberg used this approach to describe management activity. The original study consisted of observations of five chief executives. Ten managerial roles were identified and grouped into interpersonal, informational, and decision roles.

Contingency or Situational Approach - Management Thought Development Approach

Contingency approach develops principles that include well defined situations, and different managerial actions appropriate to each situation to get the desired result. Hence in this approach to get a desired result, multiple input variables are identified and one of them is appropriate for a specific defined situation.

Kenneth Blanchard popularised this approach.

Mathematical or Management Science Approach - Management Thought Development Approach

Mathematical approach is more popularly known as operations research or management science.  Theory in this approach is specified through mathematical formulas and functions. Optimization is the special contribution of this approach.

Decision Theory Approach - Management Thought Development Approach

Focuses on the making of mana decisions and decision-making process. It also focuses on persons and groups making decisions.

Reengineering Approach - Management Thought Development Approach

Concerned with process analysis and radical design based on new technology developments.

Systems Approach - Management Thought Development Approach

Systems approach defines systems with boundaries within an environment and also subsystems within the system.

Interesting paragraph on systems approach in

Cooperative Social Systems Approach - Management Thought Development Approach

Examines both interpersonal and group behavioral aspects leading to cooperation in systems.

Group Behavior Approach - Management Thought Development Approach

This approach is based sociology and social psychology. Primarily studies group behavior.  Organizational behavior is a part of this approach.


In this paper, collaboration network among researchers is identified. In this network each researcher is a node and a tie refers to the connection between two researchers.

In the knowledge network, each knowledge element is a node, and a tie refers to the combination of two  knowledge elements in a prior invention.

Management Research Review - 2014

April 2014

By: George, Gerard; Haas, Martine R.; Pentland, Alex. Academy of Management Journal. Apr2014, Vol. 57 Issue 2, p321-326. 6p.

By: CHUNLEI WANG; RODAN, SIMON; FRUIN, MARK; XIAOYAN XU. Academy of Management Journal. Apr2014, Vol. 57 Issue 2, p454-514. 31p. 

Interpersonal Behavior Approach - Management Thought Development Approach

The article has to be rewritten by consulting additional sources

While some analytic approaches place too much emphasis on unconscious control of behavior,
interpersonal approach places some responsibility for control of behavior on social influences

ADLER:  Individual Psychology

The principles, which make Individual Psychology unique from other approaches, are described in Adlerian psychology as purposiveness, social interest, and holism.

 Adler denied the influence of instincts in control of behavior
accepted the idea of unconscious portion of personality but believed that both conscious and unconscious act in concert toward the same ends
holistic view of personality
everyone has a way of looking at the world - a lifestyle - which is formed early in life and involves some purpose

Basic Concepts
concept of fictional finalism: people behave according to certain expectations of the future
e.g. concept of "bad boy" - formed early (around 3 years)
"bad boy" life concept leads to "bad boy" lifestyle
boy behaves "as if" the idea were true
  We create ideas and lifestyles because of a social motive (cooperation, interpersonal relations, group identification, etc.)
this gives the same effect as Freud's libido does to behavior - it "motivates" behavior

Guiding principles:

Striving for Superiority:
will to power or perfection
this will can be demonstrated in various ways (intellect vs. physical accomplishments)
  Sensitivity to inferiority - created because of the striving for superiority
creates compensation for real or imagined inferiorities
(e.g. Napoleon complex - overcompensation)
repression is where people pursue certain lifestyles without knowing why
  Creative self - prime determinant of personality structure
the individual is master of his/her own fate

Developmental Theory

behavioral effects of birth order:
firstborn is an extension of parental authority
middleborn has a lot of drive but less respect for authority
youngest born is the baby, expecting others to do things for him/her
  parenting seen to be a relationship of social trust: be neither authoritarian nor smothering
believed that occupational problems were foremost during adolescence
Individual Difference Types


One can either be an optimist or a pessimist (maybe due to an inferiority complex)
children who are likely to overcompensate:
those with imperfect organs
those who have been raised with little affection
those who are pampered
  four approaches to reality which can be taken by individuals:
ruling approach: telling others what to do
getting approach: always trying to get something
avoiding approach: i.e. all challenge or responsibility
socially useful approach: caring and working for others
  believed the interpersonal situation to be the basic unit of personality

Basic Concepts

dynamism: relatively enduring pattern of energy transformation
zonal dynamism: physical activities involved with eating, sex, drinking, etc.
interpersonal dynamism: behaviors relating to self-system and groups of others
  we behave as we see ourselves (e.g. from reflected appraisals of important others)
personifications: the images an individual has of him/herself or of others (similar to Adler's prototypes)
eidetic people: made in the exact image of something in our past
anthropomorphism: giving animals/fictional people personal qualities
  cognitive processes:
prototaxic: experience of physiological reactions
parataxic: basic ability to communicate with others (intuitition, superstition)
syntaxic: language
Defense Mechanisms

anxiety causes selective inattention (e.g. Freud's repression)
substitution of socially acceptable behavior for one which creates anxiety

Developmental Theory

birth to maturation of language
zonal dynamisms, oral needs
language use, need for playmates
development of empathy
need for close friend
development of competition
from same-sex "chum" to opposite sex love
  early adolescence:
forming of distinction between lust and love
  adolescence and maturity:
expansion of syntaxic mode
need for intimacy for at least one other individual
  since the child forms his/her views of self within certain family patterns of behavior, it is important to note that these views of self (i.e. dynamisms) may not be appropriate in the world at large.

McKinsey's 7-S Framework - Management Thought Development Approach

7-S framework explains management in terms of 1. Strategy 2. Structure 3. Systems 4. Style 5. Staff 6. Shared values and 7. Skills

Thursday, May 8, 2014

Total Quality Management Approach - Management Thought Development Approach

Focuses on providing products or services that are fit for use and thus satisfy customers. Develop concepts and procedures for improving quality and also argued that costs will come down in production and service system by emphasizing quality in process and operation.

Deming, Juran and Crosby are the leading advocates of this approach.

Management Process or Operational Approach - Management Thought Development Approach

This approach distinguishes between managerial and non-managerial knowledge. Explains management around the functions of management. These functions are specified differently by different authors. Koontz specified them as planning, organizing, staffing, leading and controlling.

Henri Fayol is the father of this approach

Scientific Management - Management Thought Development Approach

Scientific management approach is based on experiments either laboratory type or field type and developing principles based on the data collected from experiments to organize work either of equipment or men and man-machine combinations.

F.W. Taylor did experiments on both machines as well as manual work and developed laws and principles. He was given recognition as father of scientific management.

Lean Management - Management Approach

Lean management is a new development in management thought. It is based on the management system used in Toyota Motors Corporation, Japan. It was developed as an approach in management theory by MIT research team that included Jim Womack, and Dan Jones.

Lean Management - Presentation at Tata Steel - Lean Management for Productivity Enhancement
Lean Management for Productivity Enhancement on Feburary, 2014
Dr. K.V.S.S. Narayana Rao, Professor , NITIE, Mumbai