Dr. Tamir Agmon is an invited contributor to The Business Thinker. He is a Professor of Financial Economics at the School of Business, Economics and Law at Gothenburg University in Sweden.
The relations between research in business and management and the practice of management are not simple. Good research is conceptual and often is based on simplifying unrealistic assumptions. Good practice of management is concrete and is closely related to a specific situation in which the manager and the organization operate. Yet, good research contributes substantially to the practice of management just because it is not an attempt to describe business reality. Good research provides a conceptual model of reality that allows practitioners to gain a better understanding of some critical processes underlying the practice of management in a specific field.
The issue of selling innovative ideas in the market is a good example of the complex relations between research and practice in management and how managers in all levels can gain better understanding from research.
It is almost a cliche to say that the managers of today operate in a knowledge economy and that business is driven by new and innovative ideas. The communication industry, the information technology industry, the microelectronics industry and the medical industry are the most well-known industries that are driven by new and innovative ideas, but a closer look will show that even traditional industries like food, glass, and the automotive industry are affected to a great extent by new ideas pertaining to the production processes, the development of new features in existing products and to other dimensions of the business. Continue reading
Alexis Papachelas is a guest editorial writer to The Business Thinker. He is currently the Executive Editor of the long standing and highly respected daily Greek newspaper “Kathimerini”.
Despite the intense debate about Greece’s numerous structural problems, any focus on the judicial system has been pretty limited. Yet, one of the main reasons behind the crisis in our political system has to do with the fact that the country’s judiciary has not lived up to its full potential in probing major scandals and reinforcing the overall feeling of justice.
Some critics like to point a finger at the judges and their closed, near-autistic microcosm. However, the problem does not lie so much with the judges but with the means that they have at their disposal and with the country’s general culture when it comes to legal issues.
One fundamental issue concerns the outrageous foot-dragging in the administration of justice. When a case has been deferred for years, the citizen who is in the right inevitably grows frustrated, while the wrongdoer interprets the delay as a sign of impunity. While a number of practical steps would rectify the situation, it all boils down to political will and consultation with the judiciary. Continue reading
Plato, many centuries ago, said, “Nothing endures but change itself “. What is different in our era is not the presence of change but its pace—the rapidity with which ideas arise, are developed and applied, and the immediacy and degree of their impact in our lives. Let me illustrate.
When I were a student at MIT in the 50′ s, it used to take five to ten years for an idea or research result from a University to become reality in the market and in our lives. Today it is almost simultaneous. This drastic change has fundamentally altered how we manage business and how the universities relate to the society at large and to the economic development demands more-specifically. In the long past corporate strategists could rely on the likelihood that things would not change for a relatively long time. Long term periods were identified as ten year long, while a short term plan was for a three year time. Today these expectations are tossed out of the window. There is no “static” period to plan within. Things are ever changing. We live in a time phase when strategies must be dynamic, flexible and responsive to the ever changing conditions around us.
The success of a business depends, even more so today than ever before, on a well-defined flexible, proactive strategy implemented by decisive management. Decisive management comes from well-trained persons that understand the process of management and the basic elements of competition within a free market economy. Continue reading