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

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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