Interested in Managerial Econ? You Will Not Get This Kind of Education Anywhere Else

by Dan Sanchez on January 15, 2014

The syllabus to Peter Klein’s upcoming online course Austrian Economics for Managers:

Lecture 1: Introduction

Part 1: Review of Austrian microeconomics, introduction of key concepts

  • Thomas C. Taylor, An Introduction to Austrian Economics (Washington, DC: Cato Institute, 1980), pp. 7-51.
  • Ludwig von Mises, “Profit Management,” in Mises, Bureaucracy (New Haven: Yale University Press, 1944), chapter 3.
  • H. Edward Wrapp, “Good General Managers are Not Professional,” Selected Paper No. 53, Graduate School of Business, University of Chicago (1979), esp. pp. 10-12, “The Paradox of Planning.”
  • Optional: Milton M. Shapiro, Foundations of the Market-Price System (Lanham, MD: University Press of America, 1985), pp. 1-114.

Part 2: Demand and the consumer

  • Shapiro, pp. 115-78.
  • Eddie Yoon, “Demand and Sales Aren’t Equivalent,” Harvard Business Review Blog, October 17, 2012.
  • Optional: Richard Priem, Sali Li, and John C. Carr, “Insights and New Directions from Demand-Side Approaches to Technology Innovation, Entrepreneurship, and Strategic Management Research,” Journal of Management 38 (2012): 346-74.
  • Optional: Arvind Sahay, “How to Reap Higher Profits with Dynamic Pricing,” Sloan Management Review, July 2007.

Lecture 2: Production, cost, and entrepreneurship

  • Taylor, An Introduction to Austrian Economics, pp. 63-89.
  • Ludwig von Mises, “Profit and Loss,” in Mises, Planning for Freedom and Sixteen Other Essays and Addresses, pp. 108-30.
  • Thomas C. Taylor, “Current Developments in Cost Accounting and the Dynamics of Economic Calculation,” Quarterly Journal of Austrian Economics 3, no. 2 (Summer 2000): 3-19.
  • Peter G. Klein, “Entrepreneurship and Corporate Governance,” Quarterly Journal of Austrian Economics 2, no. 2 (Summer 1999): 19-42.

Lecture 3: Competitive strategy

  • Michael Porter, “The Five Competitive Forces That Shape Strategy,” Harvard Business Review 86, no. 1 (January 2008): 78-93.
  • Robert Jacobson, “The ‘Austrian’ School of Strategy,” Academy of Management Review 17 (1992): 782-807.
  • Mathews, John A. 2006. “Ricardian Rents or Knightian Profits? More on Austrian Insights on Strategic Organization.” Strategic Organization 4: 97-108.

Lecture 4: Firm boundaries

  • Peter G. Klein, “Economic Calculation and the Limits of Organization,” Review of Austrian Economics 9, no. 2 (1996): 51-77.
  • Hal R. Varian, “A New Economy with No New Economics,” New York Times, January 17, 2002.
  • Mitchell Berlin, “Jack of All Trades? Product Diversification in Nonfinancial Firms,” Federal Reserve Bank of Philadelphia Business Review (May 1999): 15-29.
  • Peter G. Klein, “Mergers and the Market for Corporate Control,” in Peter J. Boettke, ed., Elgar Companion to Austrian Economics (Aldershot, U.K.: Edward Elgar, 1994), pp. 394-401.
  • Amar Bhide, “Reversing Corporate Diversification,” Journal of Applied Corporate Finance 3, no. 2 (September 1990): 70-81.
  • Optional: Todd R. Zenger, Teppo Felin, and Lyda S. Bigelow, “Theories of the Firm-Market Boundary,” Academy of Management Annals 5, no. 1 (2011): 89-133.

Lecture 5: Organizational design, Part 1: Delegation and decentralization

  • Michael C. Jensen and William H. Meckling, “Specific and General Knowledge, and Organizational Structure,” in Lars Werin and Hans Wijkander, eds., Contract Economics (Oxford: Blackwell, 1992), pp. 251–74.
  • Nicolai J. Foss and Peter G. Klein, Organizing Entrepreneurial Judgment (Cambridge University Press, 2012), pp. 188-220.
  • Optional: Ralph Stayer, “How I Learned to Let My Workers Lead,” Harvard Business Review, November-December 1990.

Lecture 6: Organizational design, Part 2: Compensation, motivation, and evaluation

  • Yongmei Liu, James G. Combs, David J. Ketchen Jr., and R. Duane Ireland, “The Value of Human Resource Management for Organizational Performance,” Business Horizons 50 (2007): 503-11.
  • Steven N. Kaplan, “Are U.S. CEOs Overpaid?” Academy of Management Perspectives 22, no. 2 (May 2008): 5-20.

Ludwig von Mises, “Bureaucratic Management,” in Mises, Bureaucracy (New Haven: Yale University Press, 1944), chapter 4.

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