History 2807F/G Lecture Notes - Lecture 4: Creative Destruction, Bounded Rationality, Ice King

• School: Western University
• Department: History
• Course: History 2807F/G
• Professor: Keith Fleming

Document Summary

The first to associate management with en: wages are primary source of en income, saw en as highly skilled labours. All writers anticipate: assumes risks, sometimes but not always supply capital, coordinator of resources, arbituar, majority: innovator. British economists - alfred marshall (1842 1924) Elements of business genius: alertness sense of proportion / strength of reasoning / coordination / innovation / Willingness to take risks: 2 classes of en, active assume risks, passive do(cid:374)"t assu(cid:373)e as (cid:373)u(cid:272)h risks expected, essentially a business manager. Provide your own definition of en and able to defend and justify. En is only the owner / manager who exhibits key traits of practicing non-routine judgmental decision making (there are no clear precedents or relevant data is incomplete) Long term planning focused on 1) improved efficiency; 2) increased market control. I(cid:374)(cid:272)reased (cid:272)o(cid:373)ple(cid:454) pro(cid:271)le(cid:373)s a(cid:272)(cid:272)e(cid:374)tuated (cid:271)(cid:455) (cid:862)(cid:271)ou(cid:374)ded ratio(cid:374)alit(cid:455)(cid:863: (cid:862)(cid:271)ou(cid:374)ded ratio(cid:374)alit(cid:455)(cid:863, unkno(cid:449)(cid:374) de(cid:272)isio(cid:374)s of (cid:862)other pla(cid:455)ers, i(cid:374)(cid:272)ludi(cid:374)g gov, (cid:272)o(cid:373)petitors, (cid:272)reates u(cid:374)(cid:272)ertai(cid:374)t(cid:455)(cid:863, access to information becomes key.