Posts filed under ‘Teaching’

PhD Strategy Syllabi

| Peter Klein |

Russ Coff has assembled an impressive list of syllabi and reading lists for PhD courses in strategy, innovation, research methods, and related subjects. Feel free to send him additional suggestions. Many useful references here for faculty and students teaching or taking these courses, and for anybody wishing to learn more about classic and contemporary literature in strategic management research.

25 November 2014 at 9:21 pm 2 comments

Opportunity Discovery or Judgment? Fargo Edition

| Peter Klein |

In the opportunity-discovery perspective, profits result from the discovery and exploitation of disequilibrium “gaps” in the market. To earn profits an entrepreneur needs superior foresight or perception, but not risk capital or other productive assets. Capital is freely available from capitalists, who supply funds as requested by entrepreneurs but otherwise play a relatively minor, passive role. Residual decision and control rights are second-order phenomena, because the essence of entrepreneurship is alertness, not investing resources under uncertainty.

By contrast, the judgment-based view places capital, ownership, and uncertainty front and center. The essence of entrepreneurship is not ideation or imagination or creativity, but the constant combining and recombining of productive assets under uncertainty, in pursuit of profits. The entrepreneur is thus also a capitalist, and the capitalist is an entrepreneur. We can even imagine the alert individual — the entrepreneur of discovery theory — as a sort of consultant, bringing ideas to the entrepreneur-capitalist, who decides whether or not to act.

A scene from Fargo nicely illustrates the distinction. Protagonist Jerry Lundegaard thinks he’s found (“discovered”) a sure-fire profit opportunity; he just needs capital, which he hopes to get from his wealthy father-in-law Wade. Jerry sees himself as running the show and earning the profits. Wade, however, has other ideas — he thinks he’s making the investment and, if it pays off, pocketing the profits, paying Jerry a finder’s fee for bringing him the idea.

So, I ask you, who is the entrepreneur, Jerry or Wade?

11 November 2014 at 4:53 pm 15 comments

“Why Managers Still Matter”

| Nicolai Foss |

BxrnIo-CQAA8lk7Here is a recent MIT Sloan Management Review piece by Peter and me, “Why Managers Still Matter.” We pick up on a number of themes of our 2012 book Organizing Entrepreneurial Judgment. A brief excerpt:

“Wikifying” the modern business has become a call to arms for some management scholars and pundits. As Tim Kastelle, a leading scholar on innovation management at the University of Queensland Business School in Australia, wrote: “It’s time to start reimagining management. Making everyone a chief is a good place to start.”

Companies, some of which operate in very traditional market sectors, have been crowing for years about their systems for “managing without managers” and how market forces and well-designed incentives can help decentralize management and motivate employees to take the initiative. . . .

From our perspective, the view that executive authority is increasingly passé is wrong. Indeed, we have found that it is essential in situations where (1) decisions are time-sensitive; (2) key knowledge is concentrated within the management team; and (3) there is need for internal coordination. . . . Such conditions are hallmarks of our networked, knowledge-intensive and hypercompetitive economy.

29 September 2014 at 10:02 am 7 comments

Academics and Social Media

| Peter Klein |

At this week’s Strategic Management Conference in Madrid I participated in an interesting session on Media Innovations, along with Will Mitchell and Wiley’s Caroline McCarley. My remarks focused on academics and their use of social media. How (if at all) can professors use blogs, videos, wikis, and other social media products to disseminate their research, to improve their teaching, and even to discover new ideas? Are social media and “serious” activities like research and class preparation substitutes or complements? Should untenured faculty avoid such distractions?

I began my remarks — where else? — with Kim Kardashian. Biologist Neil Hall made a bit of a splash a few months back by introducing the Kardashian Index, basically the ratio of an academic researcher’s Twitter followers to citations in peer-reviewed journals. (For a rough approximation, just divide Twitter followers by Google Scholar cites.) Someone with a very high K-index, the story goes, has a large popular following, but hasn’t made any important scientific contributions — in other words, like Kim, famous for being famous.

Science published a rejoinder suggesting that the K-index gets it wrong by implying, incorrectly, that popular and scholarly influence are inversely related. Indeed, among the top 20 natural scientists, by Twitter followers, are some scientific lightweights like Neil deGrasse Tyson (2.4 million Twitter followers and 151 citations), but also serious thinkers like Tim Berners-Lee (179,000 followers and 51,204 cites) and Steven Pinker (142,000 and 49,933). I haven’t run the numbers for economists and management scholars but I think you’ll find the same general pattern. E.g., among the biggies on the LDRLB Top Professors on Twitter list you find a mix of practitioner-oriented writers with modest academic influence (Bill George, Richard Florida, Stew Friedman, Gary Hamel) and scholars with huge citation counts (Mike Porter, Clay Christensen, Adam Grant).

I went on to emphasize (as usual) that, for the most part, these issues are nothing new. Scholars and thinkers throughout history have used whatever media are available to disseminate their ideas to wider audiences. In the 17th-19th centuries there were pamphlets, handbills, newspapers, and lecture halls; in the 20th century radio, magazines, TV, and other outlets. Classical economists like John Stuart Mill published anti-slavery tracts; the Verein für Socialpolitik took positions on important social issues of the day; the American Economic Association was founded to combat lassiez-faire; C. S. Lewis gave his famous wartime radio lectures; Paul Samuelson and Milton Friedman dueled in the pages of Newsweek, and Friedman took to the airwaves for the PBS series “Free to Choose.” So academic bloggers, Tweeters, Facebookers, YouTubers, LinkedInners, and Instagrammers are following in a grand tradition. Of course, what’s new today is the scale; without a contract for a newspaper column or TV show, any of us can set up shop, and have the potential to reach a very wide audience. (more…)

26 September 2014 at 10:26 am 5 comments

SMS Teaching Workshop: Impact of New Technologies on Teaching and Higher Education

| Peter Klein |

Along with Gonçalo Pacheco de Almeida I am chairing the Competitive Strategy Interest Group Teaching Workshop at the upcoming Strategic Management Society conference in Madrid. The workshop is Saturday, 20 September 2014, 1:00-4:00pm at the main conference venue, the NH Eurobuilding, Paris Room. Our theme is “The Impact of New Technologies on Teaching and Higher Education” and we have an all-star lineup featuring Bharat Anand (Harvard), Peter Zemsky (INSEAD), Michael Leiblein (Ohio State), Michael Lenox (University of Virginia), Frank Rothaermel (Georgia Tech), Vivek Goel (Chief Academic Strategist at Coursera), and Andrea Martin (President of IBM Academy of Technology).

Background: The higher-education industry is abuzz with talk about MOOCs, distance learning, computer-based instruction, and other pedagogical innovations. Many of you are already using online exercises and assessments, simulations, and other activities in the classroom. How are these innovations best incorporated into the business curriculum, at the BBA, MBA, EMBA, and PhD levels? What can business scholars, say about the impact of these technologies on higher education more generally? Are they sustaining or disruptive innovations, and what do they imply for the structure of the business school, and the university itself?

The plan for this session is to discuss how leading companies and business schools are (a) driving innovation in the Higher Education teaching space, (b) thinking about the business model of virtual education (MOOCs, social learning, etc.), and (c) testing some of the assumptions behind globalization in the education industry.

The full schedule is below the fold. Additional information about the workshop, and the SMS itself, is available at the conference website.

If you’re coming to SMS this year, please plan to join us for the workshop. Pre-registration is encouraged but not required. If you’re planning to attend, please let us know by sending an email to csig.teaching2014@gmail.com. Feel free to email Gonçalo or myself at the same address with questions or comments. (more…)

2 September 2014 at 4:10 pm Leave a comment

Foss and Klein Interview on Entrepreneurial Judgment

| Peter Klein |

Nicolai and I are interviewed by Angel Martin for the Spanish-language site sintetia. An English-language version is here. We wax eloquent on entrepreneurship theory, research, teaching, policy, and more. Personally, I think I sound more profound in Spanish, but that’s probably because I can’t read Spanish.

9 July 2014 at 2:55 pm Leave a comment

“PowerPointless”

| Peter Klein |

A clever and funny entry for our ongoing series on the use and abuse of PowerPoint. It’s aimed at classroom presentations but applies, a fortiori, to any professional meeting, including (especially?) academic conferences. I especially appreciate this:

If your audience can understand everything it needs to from your slide show only, . . . cut out about 50 percent of the slides and 90 percent of the text. . . . Your slide show by itself should be incomprehensible. Because, to paraphrase Ludwig Wittgenstein, its most important part is what’s not on it. (I.e., you actually talking with people.)

I  have a few quibbles, e.g., I generally avoid animations (having each point appear only as you mention it), but overall this is great advice, amusingly illustrated.

slide

7 March 2014 at 9:54 am 4 comments

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Our Recent Books

Nicolai J. Foss and Peter G. Klein, Organizing Entrepreneurial Judgment: A New Approach to the Firm (Cambridge University Press, 2012).
Peter G. Klein and Micheal E. Sykuta, eds., The Elgar Companion to Transaction Cost Economics (Edward Elgar, 2010).
Peter G. Klein, The Capitalist and the Entrepreneur: Essays on Organizations and Markets (Mises Institute, 2010).
Richard N. Langlois, The Dynamics of Industrial Capitalism: Schumpeter, Chandler, and the New Economy (Routledge, 2007).
Nicolai J. Foss, Strategy, Economic Organization, and the Knowledge Economy: The Coordination of Firms and Resources (Oxford University Press, 2005).
Raghu Garud, Arun Kumaraswamy, and Richard N. Langlois, eds., Managing in the Modular Age: Architectures, Networks and Organizations (Blackwell, 2003).
Nicolai J. Foss and Peter G. Klein, eds., Entrepreneurship and the Firm: Austrian Perspectives on Economic Organization (Elgar, 2002).
Nicolai J. Foss and Volker Mahnke, eds., Competence, Governance, and Entrepreneurship: Advances in Economic Strategy Research (Oxford, 2000).
Nicolai J. Foss and Paul L. Robertson, eds., Resources, Technology, and Strategy: Explorations in the Resource-based Perspective (Routledge, 2000).

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