Posts filed under ‘Teaching’
Law and Strategy
| Peter Klein |
Over at The Conglomerate, Gordon Smith asks:
Law professors teach and write about topics like public choice, agency capture, rent seeking, etc., but I don’t often hear law professors talking systematically about the use of law for strategic purposes. . . . In simplest terms, the study of law and strategy views the world from the perspective of a business and asks: how can we use law to gain a competitive advantage? This question ought to be of interest to lawyers, but does any law school teach a class on law and strategy?
The context is Richard Shell’s book Make the Rules or Your Rivals Will, which sounds interesting and important. Perhaps the O&M readership can help? The emerging field of non-market strategy (1, 2), led by people like David Baron, Vit Henisz, and the de Figueiredo brothers, studies how firms use not only law but also the regulatory system, bureaucracies, and other non-market features to achieve competitive advantage. The older economics literatures on public choice and rent-seeking of course deal with these issues as well, but typically from “society’s” point of view, rather than the firm’s. As for teaching, I see from a little Googling that John de Figueiredo is teaching law and strategy at Duke, and I suspect other members of the non-market strategy crowd housed at law schools do so as well. Suggestions for Gordon?
Request for Test Questions
| Peter Klein |
A friend writes:
I would very much appreciate if you help me in locating multiple choice exam questions for an “Organizations and Markets” course.
We are switching into a new teaching model and as part of that the course now has 400+ students, which make it necessary to have a least a part of automatic grading.
He has access to some publisher-provided testbanks from managerial economics textbooks, but these aren’t exactly on target. If you have any undergraduate- or MBA-level questions you’re willing to share, or leads on sources, please drop me a note. (Don’t post your questions in the comments — you never know what students might be reading this!)
Teaching in the 2010s
| Peter Klein |
A new University of Missouri policy. As the young people would say, this was so not a problem in my day:
2. Students may make audio or video recordings of course activity unless
specifically prohibited by the faculty member.a. To foster a safe environment for learning, however, the redistribution of audio or video recordings of statements or comments from the course to individuals who are not students in the course is prohibited without the express permission of the faculty member and of any students who
are recorded. Unauthorized distribution of such materials is a violation of academic standards and may violate copyright laws and/or privacy rights. Students found to have violated this policy are subject to discipline in accordance with the provisions of Section 200.020 of the Collected
Rules and Regulations of the University of Missouri pertaining to student conduct matters. Faculty and staff found to have violated this policy are subject to discipline in accordance with applicable University policies.
Theory Construction Bleg
| Peter Klein |
A friend writes:
I am trying to improve the theory writing skills of my doctoral students. . . . [In my field] we don’t often build complicated mathematical models; our theory tends to be more story telling. But nevertheless there is good and bad theory. I have found some papers that discuss how to write theory and what constitutes a theoretical contribution. But I really would like for you to recommend a book on the theory of theory construction. I want to assign chapters from it to my students as well as learn something myself. Since the principles of theory construction are generic, I don’t care what literature the author comes from . The insights will be useful regardless.
What would you suggest?
Hotelling Model
| Peter Klein |
I often use the Hotelling model in class to illustrate the frequent clustering of firm and product characteristics. The example of firms locating on a street is boring, so I show the student’s Wired’s classic “Battle for Blue.” I think I’ll start using this one now (via Scott Rouse).
The Institutional Revolution
| Peter Klein |
I’m very excited about Doug Allen’s forthcoming book The Institutional Revolution (University of Chicago Press). Trained by Yoram Barzel (and hence part of the Tree of Zvi), Doug is a leading contemporary scholar on property rights, transaction costs, contracting, and economic history. His work on agricultural contracting with Dean Lueck, including their 2002 book The Nature of the Farm, is a classic contribution to the economics literature on economic organization. He also has a very good introductory textbook. More information is at Doug’s informative (and amusing) website.
Here’s the cover blurb for the new book:
Few events in the history of humanity rival the Industrial Revolution. Following its onset in eighteenth-century Britain, sweeping changes in agriculture, manufacturing, transportation, and technology began to gain unstoppable momentum throughout Europe, North America, and eventually much of the world—with profound effects on socioeconomic and cultural conditions.
In The Institutional Revolution, Douglas W. Allen offers a thought-provoking account of another, quieter revolution that took place at the end of the eighteenth century and allowed for the full exploitation of the many new technological innovations. Fundamental to this shift were dramatic changes in institutions, or the rules that govern society, which reflected significant improvements in the ability to measure performance—whether of government officials, laborers, or naval officers—thereby reducing the role of nature and the hazards of variance in daily affairs. Along the way, Allen provides readers with a fascinating explanation of the critical roles played by seemingly bizarre institutions, from dueling to the purchase of one’s rank in the British Army.
Engagingly written, The Institutional Revolution traces the dramatic shift from premodern institutions based on patronage, purchase, and personal ties toward modern institutions based on standardization, merit, and wage labor—a shift which was crucial to the explosive economic growth of the Industrial Revolution.
Bonus: Here’s the syllabus from Doug’s course on the economics of property rights.
AoM Slides
| Peter Klein |
Thanks to Peter L. for his report on the “Austrian Economics and Entrepreneurship Studies” PDW at the Academy of Management conference. Here, for your viewing pleasure, are the slides: my opening remarks on the origins and development of the Austrian school, Henrik’s discussion of Israel Kirzner and his influence on entrepreneurship scholarship, and Todd’s presentation on Ludwig Lachmann’s unique approach. Enjoy!
More Back-to-School Advice
| Peter Klein |
In the spirit of yesterday’s advice post for MBAs, here is some vital information for professors to share with their undergraduates, courtesy of the University of Missouri’s College of Agriculture, Food, and Natural Resources. The hook: “Have you received an e-mail from a student that made you wonder whether English was still taught in high school? Has a student asked you whether he or she was ‘missing anything important’ by not attending class? How about the cell phone? Have fingers been on the move during class — perhaps not in recording lecture notes?”
- E-mail Etiquette – Help students develop a habit of using professional e-mail communication by following these recommended guidelines. http://cafnr.missouri.edu/career-services/pro-dev/email-etiquette-guidelines.pdf.
- Missing Class – If students decide they must miss a class or laboratory session due to an extra-curricular or co-curricular activity they should follow these guidelines. http://cafnr.missouri.edu/career-services/pro-dev/missing-classes.pdf.
- Classroom Etiquette – To ensure a positive learning environment, students should adhere to these classroom expectations. http://cafnr.missouri.edu/career-services/pro-dev/classroom-etiquette.pdf.
Please add your own links, suggestions, etc. in the comments!
Common MBA Problem-Solving Mistakes
| Peter Klein |
From Luke Froeb, author of the excellent Managerial Economics: A Problem-Solving Approach, shares his most common comments on MBA student assignments. Excerpt:
“What about the organizational design?” Figure out what is causing the problem, and then think about how to avoid the problem. A lot of papers identified a bad decision, and then suggested reversing it. But they neglected to address the issue of why the bad decision was made, and how to make sure the same mistakes wouldn’t be made in the future.
“Don’t define the problem as the lack of your solution.” For example, if the problem is “the lack of centralized purchasing,” then you are locked into a solution of “centralized purchasing.” Instead, define the problem as “high acquisition cost” and then examine “centralized purchasing” vs. “decentralized purchasing” (or some other alternative) as two solutions to the problem.
“What is the trade-off?” Every solution has costs as well as benefits. If you list only the benefits, it makes your analysis seem like an ex post rationalization of a foregone decision, rather than a careful weighing of the benefits and costs. If you spent some time thinking through the tradeoffs, show it. If not, then you should.
These are excellent suggestions. For example, students want us to teach them solutions, but usually the best we can do as instructors is help them understand the relevant tradeoffs.
HRM in Film
| Peter Klein |
It isn’t every day you can blog about a film called The Human Resources Manager so, well, here it is:
A touching black comedy with a heart of gold, The Human Resources Manager is the story of a jaded and grumpy HR Manager stuck with the duty of delivering the corpse of a former employee to her estranged Eastern European family for burial. . . .
The film is part road trip journey, but it’s mostly a character study of the unnamed worker bee who works as the HR Manager at a large bakery in Israel. When an employee turns up dead in a car bomb explosion, the media links the worker to the bakery. After a defamatory article against the treatment of the deceased employee breaks, the company assigns our reluctant hero, the HR Manager, to band-aid the situation. This means setting the record straight with the press, a particularly suspect tabloid reporter, and making his company look thoughtful and decent. Soon the man finds himself lugging the corpse and coffin around town looking for a next of kin to relieve him of his duty.
I’m putting it on my Netflix list, and considering it for classroom use!
The Prisoners’ Dilemma in Fiction
| Peter Klein |
From Walter Miller’s dystopian classic A Canticle for Liebowitz:
It was said that God, in order to test mankind which had become swelled with pride as in the time of Noah, had commanded the wise men of that age . . . to devise great engines of war such as had never before been upon the Earth, weapons of such might that they contained the very fires of Hell, and that God had suffered these magi to place the weapons in the hands of princes, and to say to each prince, “Only because the enemies have such a thing have we devised this for thee, in order that they may know that thou hast it also, and fear to strike. See to it, m’Lord, that thou fearest them as much as they shall now fear thee, that none may unleash this dread thing which we have wrought.”
But the princes, putting the words of their wise men to naught, thought each to himself, If I but strike quickly enough, and in secret, I shall destroy those others in their sleep, and there will be none to fight back; the earth shall be mine.
Such was the folly of princes, and there followed the Flame Deluge.
Rhetoric for Academics
| Peter Klein |
Some professors could definitely use these pointers on rhetoric from the Art of Manliness blog. Women professors too. (Via LRC.)
Addendum: V.S. Naipaul’s Rules for Beginners (via 3quarks):
1. Do not write long sentences. A sentence should not have more than ten or twelve words.
2. Each sentence should make a clear statement. It should add to the statement that went before. A good paragraph is a series of clear, linked statements.
3. Do not use big words. If your computer tells you that your average word is more than five letters long, there is something wrong. The use of small words compels you to think about what you are writing. Even difficult ideas can be broken down into small words.
4. Never use words whose meaning you are not sure of. If you break this rule you should look for other work.
5. The beginner should avoid using adjectives, except those of colour, size and number. Use as few adverbs as possible.
6. Avoid the abstract. Always go for the concrete.
7. Every day, for six months at least, practice writing in this way. Small words; short, clear, concrete sentences. It may be awkward, but it’s training you in the use of language. It may even be getting rid of the bad language habits you picked up at the university. You may go beyond these rules after you have thoroughly understood and mastered them.
McQuinn Center for Entrepreneurial Leadership
| Peter Klein |
Earlier this academic year I assumed the Directorship of the McQuinn Center for Entrepreneurial Leadership here at the University of Missouri. My colleague (and former O&M guest blogger) Randy Westgren retains the position of McQuinn Chair. The McQuinn Chair was established in 2004 through a generous gift from Al and Mary Agnes McQuinn, and the Center was created soon afterwards by Bruce Bullock, the inaugural McQuinn Chair.
Look for a slate of exciting programs and activities about entrepreneurship, organization, innovation, strategy, and more in the coming months. To keep you up to date on the Center’s activities, as well as news and information from the wider world of entrepreneurship, we’re blogging as well at entrepreneurship@McQuinn.
Kuhn’s Ashtray
| Peter Klein |
You know about Wittgenstein’s Poker. But have you heard of Kuhn’s ashtray?
We began arguing. Kuhn had attacked my Whiggish use of the term “displacement current.” I had failed, in his view, to put myself in the mindset of Maxwell’s first attempts at creating a theory of electricity and magnetism. I felt that Kuhn had misinterpreted my paper, and that he — not me — had provided a Whiggish interpretation of Maxwell. I said, “You refuse to look through my telescope.” And he said, “It’s not a telescope, Errol. It’s a kaleidoscope.” (In this respect, he was probably right.)
The conversation took a turn for the ugly. Were my problems with him, or were they with his philosophy?
I asked him, “If paradigms are really incommensurable, how is history of science possible? Wouldn’t we be merely interpreting the past in the light of the present? Wouldn’t the past be inaccessible to us? Wouldn’t it be ‘incommensurable?’ ”
He started moaning. He put his head in his hands and was muttering, “He’s trying to kill me. He’s trying to kill me.”
And then I added, “…except for someone who imagines himself to be God.”
It was at this point that Kuhn threw the ashtray at me.
The account comes from filmmaker Errol Morris, then Thomas Kuhn’s graduate student at Princeton, who adds that “I had imagined graduate school as a shining city on a hill, but it turned out to be more like an extended visit with a bear in a cave.” (HT: Pete Boettke). I have not used Kuhn’s particular technique with my own students, though I admit it has a certain visceral appeal. Nor have I been on the receiving end of such behavior, though a conference participant once opened his presentation by saying, “My paper is basically devoted to refuting everything in Klein’s paper.” (Fortunately, I was the moderator, and responded immediately, “Thank you, your time is up.”)
Back to students: I do keep this decorative item by the entrance to my office, placed for all to see:
Joe Mahoney Wins Irwin Award
| Peter Klein |
Congratulations to O&M friend Joe Mahoney for winning the Irwin Outstanding Educator Award for 2011. The Irwin Award is issued each year by the Business Policy and Strategy Division of the Academy of Management to someone who “(1) has demonstrated outstanding teaching capabilities in business strategy over an extended period of time and the ability to enable future strategy scholars to contribute original research as well as teaching effectively; (2) has had an important impact on strategy pedagogy through demonstrated expertise; and (3) cares deeply about the subject of Strategic Management and the development of his or her students.”
Joe has been my friend and colleague for several years and it’s great to see him join such luminaries as Michael Porter, Mike Hitt, Don Hambrick, Jay Barney, Kathy Eisenhardt, Pankaj Ghemawat, Will Mitchell, and Anita McGahan on the list of Irwin winners.
Mario Rizzo’s Graduate Course in Behavioral Economics
| Peter Klein |
Check out the syllabus and join the discussion at ThinkMarkets. I appreciate boat-rocking as much as anyone but am personally in what Mario terms (in his syllabus) the “classical” camp. Still, this is a course I would definitely take. If he’s an easy grader.
Anita McGahan at TEDx
| Peter Klein |
Here is my good friend and colleague Anita McGahan, Professor and Rotman Chair in Management and Associate Dean for Research at the University of Toronto’s Rotman School, speaking at a recent TEDx event on the role business schools can play in making the world a better place. Anita is not only a gifted speaker and teacher, and a highly accomplished researcher, but also one of the most thoughtful people in the profession, emphasizing Big Problems as well as the more narrow, technical issues favored by the strategic management literature. Check her out!
Snow Days
| Dick Langlois |
The University canceled classes yesterday and today because of the snow, for the third and fourth times already this semester. I had to email my large lecture class with rearranged assignments. Apparently, some of my colleagues were even more upset at this than I was. (If it’s not obvious: Jay Hickey is the functionary in Human Resources who sends out the emails canceling classes.)
Short Course on Network Economics
| Peter Klein |
I’m teaching a five-week, online course starting in January called “Networks and the Digital Revolution: Economic Myths and Realities.” It’s offered through the Mises Academy, an innovative course-delivery platform that is becoming its own educational ecosystem. A description and course outline is here, signup information is here. I’d love to have you join me!
My Proudest Academic Achievement
| Peter Klein |
I’ve produced so many seminal papers in my long and distinguished career that I can’t name them all. Um, I can’t name any, actually. But here’s one for the ages: “‘They Have the Internet on Computers Now?’ Entrepreneurship and Economics in the Simpsons.” It’s coauthored with talented Missouri PhD students Per L. Bylund and Christopher H. Holbrook and is forthcoming in Joshua Hall, ed., Homer Economicus: The Simpsons and Economics (Springer, 2011), which should be on every economics and management teacher’s bookshelf.
Prahalad Conference
| Peter Klein |
My colleague Karen Schnatterly, along with Bob Hoskisson and M. B. Sarkar, are organizing a special SMS conference to honor the late C. K. Prahalad. It’s 10-12 June 2011 in San Diego. The conference “will bring together scholars, executives, and consultants who have researched or applied CK Prahalad’s ideas. There will also be a number of panel sessions that include individuals such as Gary Hamel, Yves Doz, and Stuart Hart.” Proposals are due 21 January 2011.
Interesting New Books
| Peter Klein |
In place of the “What I’ve Been Reading Lately” posts that show up regularly on certain blogs, I hereby offer something slightly less egocentric, the “What I’ve Been Receiving Lately” post. It contains a list of books I’ve recently received by mail, some by choice, others because publishers sent them (perhaps hoping I’d blog about them — Mission Accomplished!). Not the most scientific sample selection process, but there you go.
- Jesús Huerta de Soto, Socialism, Economic Calculation, and Entrepreneurship (Elgar, 2010). English translation of an important work first published in Spanish in 1992.
- Guinevere Liberty Nell, Rediscovering Fire: Basic Economic Lessons from the Soviet Experiment (Algora, 2010). What the failure of central planning teaches about markets and institutions.
- Koray Çaliskan, Market Threads: How Cotton Farmers and Traders Create a Global Commodity (Princeton, 2010). Economic sociology meets global commodity systems. Contains dust-jacket endorsements from Richard Swedberg and Donald MacKenzie, so expect a review from the orgtheory boys soon.
- Peter J. Boettke, ed., Handbook on Contemporary Austrian Economics (Elgar, 2010). Essays by young Austrian economists associated with George Mason University.
- Robert E. Wright, Fubarnomics: A Lighthearted, Serious Look at America’s Economic Ills (Prometheus, 2010). I think the title says it all.
- Ranjay Gulati, Reorganize for Resilience: Putting Customers at the Center of Your Business (Harvard Business School, 2010). Looks fluffy, but I have a teaching interest in change management so I’ll give it the benefit if the doubt.
- David Stark, The Sense of Dissonance: Accounts of Worth in Economic Life (Princeton, 2009). Also deals with organizational change, but in a more serious way. Ethnographic studies of three organizations dealing with large exogenous shocks. Looks interesting.
Teaching Analytical Writing
| Peter Klein |
More on academic writing: This paper by Wayne Schiess, “Legal Writing Is Not What It Should Be,” deals specifically with law students, but applies in many ways to academic writing more generally. Quoting from the introduction:
The writing required of students in high school and college is often what I call “self-expression writing” rather than expository writing. Self-expression writing tends to be writer-focused, not reader-focused.That is, self-expression writers focus primarily on expressing their own ideas. This is surely a necessary developmental step for improving writing skill, but it is two steps removed from the skill of analytical legal writing. Once high school and college writers move beyond self-expression, they usually produce writing that can be called “knowledge-telling” or conveying information.
But legal writing is not self-expression, and it is another step beyond knowledge telling. One author has referred to the skill of analytical legal writing as “knowledge transforming.” Thus, legal writing is a form of expository writing in which the focus should be on the reader‟s ability to understand. This is in contrast to self-expression writing, where clearly and effectively conveying information to the reader is secondary to expressing one’s self the way one desires. And it is in contrast to knowledge-telling, in which the primary purpose is conveying information, not analyzing a problem.
Of course, self-expression and knowledge-telling are necessary steps, as I’ve acknowledged. But I can report, based on anecdotal evidence, that some students get little training even in these two developmental steps. Some college curricula do not require much writing at all. For example, in my teaching of the required, first-year legal writing course, I often have students who studied science or engineering in college. Many of these students arrive at law school and tell me they have never written a paper in college.
The kind of writing required for good social science is also what Schiess calls “analytical writing,” and my sense is that few graduate students have any experience with or training in this kind of writing. How to teach it is another question. Schiess has several suggestions that are specific to law schools; how can they be applied to economics or sociology or business administration?
The Five Stages of Grading
| Peter Klein |
A nice complement to Daniel Solove’s classic guide to grading: “The Five Stages of Grading” at notthatkindofdoctor.com (via David Croson). “Everyone is familiar with Elisabeth Kübler-Ross and her stage model of coping with grief popularly known as the five stages of grief. What you may not know is that Kübler-Ross actually developed her theory as a graduate student, basing her conception of the process of loss on the experiences one goes through over a grading weekend.”
Get Ready for the Slow-Conversation Movement
| Peter Klein |
Conversations today are constantly hijacked by digital fact-checkers. Every fact or statement, it seems, must be checked or augmented in real time with at-our-fingertips online information. We no longer trust each other to come up with good-enough facts or allow each other add colorful embellishment to our stories. Let me give a recent example to make my point. Over lunch the other day, I shared a story with my colleagues — the surreal experience of being accidently given a presidential suite at a Four Seasons Hotel. “This was an amazing room, probably 3000+ square feet with over-the-top appointments everywhere,” I said. No more than two minutes after making the statement, an associate checked on his BlackBerry the size of the presidential suite, correcting me that it was closer to 2000 square feet.
What happened to natural conversations, those based on what is already in our heads, unburdened by verfication? As the fast food movement has seen an opposing slow food movement take hold and shape, I predict we’ll soon see a similar desire for putting down for a moment all the “information enhancements” that come with mobile, digital-sparring tools.
That’s Anthony Tjan blogging at HBR. As someone who reads a lot of student papers — not to mention newspapers, magazines, and blogs — I tend to favor more fact checking, not less. But I see the point.
This is relevant for teaching and public speaking as well. I don’t record my classes, but I suspect that day is not far off (and some of my public talks are already preserved, for better or worse). Will professors be more rigid, overly cautious, less spontaneous, less natural, knowing that everything they say is ripe for verification, by current or future students (or administrators)? What is the appropriate balance between monitoring and governance and classroom spontaneity, ad hocery, and silliness?
More Academic Advice
| Peter Klein |
Inspired (in some cases, subconsciously) by our post on “How to Read an Academic Article,” several professors have written follow-up or companion pieces offering advice to students and new faculty:
- “How to Review a Literature” by Gabriel Rossman (nice blog template BTW)
- “Writing ‘One Pagers’” by Anthony Evans
- “How to Write Less Badly” by Mike Munger (via Pete Boettke)
- “How to Be Awesome” by Fabio Rojas
Of course there are the classics like Ezra Zuckerman’s “Tips to Article Writers,” Eric Rasmusen’s “Aphorisms on Writing, Speaking, and Listening,” Simon Jones’s “How to Write a Good Research Paper and Give a Good Research Talk,” Kwan Choi’s “How to Publish in Top Journals,” Dan Hamermesh’s “The Young Economist’s Guide to Professional Etiquette,” Richard Hamming’s “You and Your Research,” and George Ladd’s “Artistic Research Tools for Scientific Minds.”
Chris Coyne’s Austrian Course
| Peter Klein |
Earlier I shared the reading list for my graduate course in the Austrian school of economics. Chris Coyne is teaching a similar class and has posted his syllabus here. Chris’s course is laid out differently than mine, with a different mix among types of readings, but I like what he’s done. As Pete Boettke and Joe Salerno have noted, the diversity and variety of course offerings and educational programs in Austrian economics is a sign of the health and vitality of the school.
How to Read an Academic Article
| Peter Klein |
This fall I’m teaching “Economics of Institutions and Organizations” to first-year graduate students. The reading list is rather heavy, compared to what most students are used to from their undergraduate courses and their first-year courses in microeconomics, econometrics, etc. I explain that they need to become not only avid readers, but also efficient readers, able to extract the maximum information from an academic article with the least effort. They need to learn, in other words, the art of the skim.
When I’ve explained this in the past, students have responded that they don’t know how to skim. So a couple years back I put together a little handout, “How to Read an Academic Article,” with a few tips and tricks. I emphasize that I don’t mean to be patronizing, and that they should ignore the handout if its contents seem painfully obvious. But students have told me they really appreciate having this information. So, I reproduce the handout below. Any comments and suggestions for improvement?
How to Read an Academic Article
- Caveat: no single style works for everyone!
- Klein’s basic steps for skimming, scanning, processing…
- Read the abstract (if provided)
- Read the introduction.
- Read the conclusion.
- Skim the middle, looking at section titles, tables, figures, etc.—try to get a feel for the style and flow of the article.
- Is it methodological, conceptual, theoretical (verbal or mathematical), empirical, or something else?
- Is it primarily a survey, a novel theoretical contribution, an empirical application of an existing theory or technique, a critique, or something else?
- Go back and read the whole thing quickly, skipping equations, most figures and tables.
- Go back and read the whole thing carefully, focusing on the sections or areas that seem most important.
- Once you’ve grasped the basic argument the author is trying to make, critique it!
- Ask if the argument makes sense. Is it internally consistent? Well supported by argument or evidence? (This skill takes some experience to develop!)
- Compare the article to others you’ve read on the same or a closely related subject. (If this is the first paper you’ve read in a particular subject area, find some more and skim them. Introductions and conclusions are key.) Compare and contrast. Are the arguments consistent, contradictory, orthogonal?
- Use Google Scholar, the Social Sciences Citation Index, publisher web pages, and other resources to find articles that cite the article you’re reading. See what they say about it. See if it’s mentioned on blogs, groups, etc.
- Check out a reference work, e.g. a survey article from the Journal of Economic Literature, a Handbook or Encyclopedia article, or a similar source, to see how this article fits in the broader context of its subject area.
An Industry Study for the Beautiful People
| Peter Klein |
It’s Beauty Imagined: A History of the Global Beauty Industry by Geoffrey Jones (Oxford University Press, 2010). From the blurb:
This book provides the first authoritative history of the global beauty industry from its emergence in the nineteenth century to the present day, exploring how today’s global giants grew. It shows how successive generations of entrepreneurs built brands which shaped perceptions of beauty, and the business organizations needed to market them. They democratized access to beauty products, once the privilege of elites, but they also defined the gender and ethnic borders of beauty, and its association with a handful of cities, notably Paris and later New York. The result was a homogenization of beauty ideals throughout the world.
Sounds like a great study of entrepreneurship, industry dynamics, clustering and network effects, and the relationship between business and culture. Reviewer Ingrid Giertz-Mårtenson says it’s “one of the more fascinating stories in modern business history,” the journey of an industry once seen as “fickle, superficial, and feminine” to a “brand-driven global power house.” The book should make a beautiful addition to your collection!
Austrian Economics PhD Course
| Peter Klein |
This semester I am teaching a PhD course in the Austrian school of economics. Here’s a preview. Visitors to Columbia, Missouri are welcome to sit in!
Excerpt from the syllabus:
It is difficult to cover an entire school of thought in one semester. Austrian economics, after all, is not an applied field like development economics or international trade policy or biotechnology but an alternative approach to all fields of economics. The course objective is not to provide a comprehensive review and critique of the entire Austrian tradition, but to give students a sampler of high-quality Austrian writings, classic and modern, on a variety of issues and topics. One goal is to show that while Austrian economists share a common conceptual framework, theoretical core, and historical context, the Austrian literature contains tremendous variety, both stylistic and substantive. Like any living, breathing tradition the Austrian literature continues to expand and diversify, often at a dizzying pace.
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