Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts. The school offers a large full-time MBA program, doctoral programs, HBS Online and many executive education programs, it owns Harvard Business Publishing, which publishes business books, leadership articles, online management tools for corporate learning, case studies and the monthly Harvard Business Review. It is home to the Baker Library/Bloomberg Center; the school was established in 1908. Established by the humanities faculty, it received independent status in 1910, became a separate administrative unit in 1913; the first dean was historian Edwin Francis Gay. Yogev explains the original concept: This school of business and public administration was conceived as a school for diplomacy and government service on the model of the French Ecole des Sciences Politiques; the goal was an institution of higher learning that would offer a master of arts degree in the humanities field, with a major in business.
In discussions about the curriculum, the suggestion was made to concentrate on specific business topics such as banking, so on... Professor Lowell said the school would train qualified public administrators whom the government would have no choice but to employ, thereby building a better public administration... Harvard was blazing a new trail by educating young people for a career in business, just as its medical school trained doctors and its law faculty trained lawyers; the business school pioneered the development of the case method of teaching, drawing inspiration from this approach to legal education at Harvard. Cases are descriptions of real events in organizations. Students are positioned as managers and are presented with problems which they need to analyse and provide recommendations on. From the start the school enjoyed a close relationship with the corporate world. Within a few years of its founding many business leaders were its alumni and were hiring other alumni for starting positions in their firms.
At its founding, the school accepted only male students. The Training Course in Personnel Administration, founded at Radcliffe College in 1937, was the beginning of business training for women at Harvard. HBS took over administration of that program from Radcliffe in 1954. In 1959, alumnae of the one-year program were permitted to apply to join the HBS MBA program as second-years. In December 1962, the faculty voted to allow women to enter the MBA program directly; the first women to apply directly to the MBA program matriculated in September 1963. In 2012–2013, HBS administration implemented new programs and practices to improve the experience of female students and recruit more female professors. HBS established nine global research centers and four regional offices and functions through offices in Asia Pacific, United States, South Asia, Middle East and North Africa and Latin America. In 2018, HBS was tied for 1st with Chicago Booth by U. S. News & World ranked 5th in the world by the Financial Times.
HBS students can join more than 80 different clubs and student organizations on campus. The Student Association is the main interface between the MBA student body and the faculty/administration. In addition, HBS student body is represented at the university-level by the Harvard Graduate Council. In 2015, executive education contributed $168 million to HBS's total revenue of $707 million; the Advanced Management Program is a seven-week $82,000 residential course with the stated aim of "transforming proven leaders into global executives". It was first run in 1945, has had 20,000 attendees. There are "no formal educational requirements", on completion, "you will become a lifetime member of the HBS alumni community". In 2016, the BBC noted that attendees "can have an experience that more mimics the MBA degree, with the opportunity to develop closer friendships and full access to university alumni minus the rigorous admissions process." The Owner/President Management Program consists of three three-week $44,000 "units" spread over two years, aimed at "business owners and entrepreneurs".
There are "no formal educational requirements" Notable attendees include model-turned-businesswoman Tyra Banks, criticised for using phrases such as "I went to business school", from which people might infer that she earned a Harvard MBA. HBS Online HBX, is an online learning initiative announced by the Harvard Business School in March 2014 to host online university-level courses. Initial programs are the Credential of Readiness and Disruptive Strategy with Clayton Christensen. Leading with Finance, taught by Mihir A. Desai, was added to the catalog in August 2016. HBS Online created HBX Live, a virtual classroom based at WGBH in Boston; the duration of HBS Standard Online CORe course is 10 to 12 weeks and costs $2,250. The Summer Venture in Management Program is a one-week management training program for rising college seniors designed to increase diversity and opportunity in business education. Participants must be employed in a summer internship and be nominated by and have sponsorship from their organization to attend.
The school's faculty are divided into 10 academic units: Management. In the fall of 2010, Tata related companies and charities donated $50
Irving Fisher was an American economist, statistician and Progressive social campaigner. He was one of the earliest American neoclassical economists, though his work on debt deflation has been embraced by the Post-Keynesian school. Joseph Schumpeter described him as "the greatest economist the United States has produced", an assessment repeated by James Tobin and Milton Friedman. Fisher made important contributions to general equilibrium, he was a pioneer in the rigorous study of intertemporal choice in markets, which led him to develop a theory of capital and interest rates. His research on the quantity theory of money inaugurated the school of macroeconomic thought known as "monetarism." Fisher was a pioneer of econometrics, including the development of index numbers. Some concepts named after him include the Fisher equation, the Fisher hypothesis, the international Fisher effect, the Fisher separation theorem and Fisher market. Fisher was the first celebrity economist, but his reputation during his lifetime was irreparably harmed by his public statements, just prior to the Wall Street Crash of 1929, claiming that the stock market had reached "a permanently high plateau".
His subsequent theory of debt deflation as an explanation of the Great Depression, as well as his advocacy of full-reserve banking and alternative currencies, were ignored in favor of the work of John Maynard Keynes. Fisher's reputation has since recovered in neoclassical economics after his work was rediscovered in the late 1950s, more due to an increased interest in debt deflation after the late-2000s recession. Having made numerous contributions to economic theory, he became the foremost proponent of the full-reserve banking reform until his death, he was one of the authors of A Program for Monetary Reform where the general concepts of 100% reserve system is outlined. Fisher was born in New York, his father was a teacher and a Congregational minister, who raised his son to believe he must be a useful member of society. Despite being raised in religious family, he on became an atheist; as a child, he had a flair for invention. A week after he was admitted to Yale College his father died, at age 53.
Irving supported his mother and himself by tutoring. He graduated first in his class with a B. A degree in 1888, having been elected as a member of the Skull and Bones society. In 1891, Fisher received the first Ph. D. in economics granted by Yale. His faculty advisors were the theoretical physicist Willard Gibbs and the sociologist William Graham Sumner; as a student, Fisher had shown particular talent and inclination for mathematics, but he found that economics offered greater scope for his ambition and social concerns. His thesis, published by Yale in 1892 as Mathematical Investigations in the Theory of Value and Prices, was a rigorous development of the theory of general equilibrium; when he began writing the thesis, Fisher had not been aware that Léon Walras and his continental European disciples had covered similar ground. Nonetheless, Fisher's work was a significant contribution and was recognized and praised as first-rate by such European masters as Francis Edgeworth. After graduating from Yale, Fisher studied in Paris.
From 1890 onward, he remained at Yale, first as a tutor after 1898 as a professor of political economy, after 1935 as professor emeritus. He edited the Yale Review from 1896 to 1910 and was active in many learned societies and welfare organizations, he was president of the American Economic Association in 1918. The American Mathematical Society selected him as its Gibbs Lecturer for 1929. A leading early proponent of econometrics, in 1930 he founded, with Ragnar Frisch and Charles F. Roos the Econometric Society, of which he was the first president. Fisher is the uncle of major economic teacher Sean Fisher of Solon. Fisher was a prolific writer, producing journalism as well as technical books and articles, addressing various social issues surrounding of the First World War, the prosperous 1920s and the depressed 1930s, he made several practical inventions, the most notable of, an "index visible filing system" which he patented in 1913 and sold to Kardex Rand in 1925. This, his subsequent stock investments, made him a wealthy man until his personal finances were badly hit by the Crash of 1929.
Fisher was an active social and health campaigner, as well as an advocate of vegetarianism and eugenics. He died in New York City in 1947, at the age of 80. James Tobin argued that the intellectual breakthroughs that marked the neoclassical revolution in economics occurred in Europe around 1870; the next two decades witnessed lively debates, which led to the new theory being more or less incorporated into the classical tradition that preceded it. In the 1890s, according to Joseph A. Schumpeter there emerged A large expanse of common ground and... a feeling of repose, both of which created, in the superficial observer, an impression of finality – the finality of a Greek temple that spreads its perfect lines against a cloudless sky. Of course, Tobin argues, the temple was by no means complete, its building and decoration continue to this day while its faithful throngs worship within. American economists were not present at the creation. To a considerable extent they built their own edifice independently, designing some new architecture in the process.
They participated in the international controversies and syntheses of the period 1870–1914. At least two Americans were prominent builders of the "temple," John Bates Irving Fisher, they and other
Thomas Sewall Adams
Thomas Sewall Adams was an American economist, educator, Professor of Political Economy at Yale University and advisor to the U. S. Treasury Department. Born in Baltimore, Adams graduated from Baltimore City College in 1893 and subsequently enrolled in Johns Hopkins University, where he received his BA in 1896 and his Ph. D in 1899. In 1899, Adams was appointed assistant to the Treasurer of Puerto Rico, he served in that capacity for one year, before joining the faculty of University of Wisconsin–Madison as an associate professor of political economy in 1901. He was elevated to a full professor in 1908. Between 1911 and 1915, Adams served on the Wisconsin tax commissioner and drafted many of that state's tax laws. In 1916, he was appointed to the faculty of Yale University, where he served as a professor until his death in 1933. An economic adviser to the U. S. Treasury, he is credited with much of the taxation policy of the World War I and post-war period, he was president of the National Tax Association, American Economic Association, member of the fiscal committee, League of Nations.
Adams authored many books on economics and taxation policy, including 1900. Taxation in Maryland. 1905. Labor Problems. With H. L. Sumner. 1907. Mortgage Taxation in Wisconsin and Neighboring States. 1908. Outlines in Economics. With Richard T. Ely 1923. Manual of Charting. Prentice-Hall This article incorporates text from a publication now in the public domain: Gilman, D. C.. "Adams, Thomas Sewall". New International Encyclopedia. New York: Dodd, Mead
John Bates Clark
John Bates Clark was an American neoclassical economist. He was one of the pioneers of the marginalist revolution and opponent to the Institutionalist school of economics, spent most of his career as professor at Columbia University. Clark was born and raised in Providence, Rhode Island, graduated from Amherst College, in Massachusetts, at the age of 25. From 1872 to 1875, he attended the University of Zurich and the University of Heidelberg where he studied under Karl Knies. Early in his career Clark's writings reflected his German Socialist background and showed him as a critic of capitalism. During his time as a professor at Columbia University however, his views shifted to support of capitalism and he became known as a leading advocate of the capitalist system. After his return from 1877 onward Clark published several articles most of them edited in The Philosophy of Wealth. There he formulated an original version of marginal utility theory, principle published by Jevons and Walras; until 1886 Clark was a Christian socialist reflecting the view of his German teachers that competition is no universal remedy – not for fixing wages.
Clark writes: It is a dangerous mistake to extol competition, as such too and regard all attacks upon it as revolutionary. … We do not eat men … but we do it by such indirect and refined methods that it does not occur to us that we are cannibals. He hoped that communism could be combatted by suppression and reform: Among the adherents of Communism there is a large element, murderous, this deserves only the murderer's fate.... It is possible that an indefinitely large proportion of declared communists in this country may be of worthless or criminal character. According to Clark only if "...the union of capital necessitates the union of labour" just wages will come about and may be fixed by arbitration. This view on fair wages changed in 1886: "Clark himself, it will be remembered has song down the doom of competition in The Philosophy of Wealth, but now … he has reversed his position and build up a body of economic laws based on competition" writes Homan and Everett finds: "Soon after writing The Philosophy of Wealth, Clark started to make defences for the competitive system.
What caused. This much we can say. By the time he wrote The Distribution of Wealth he was convinced that pure competition was the natural and normal law by which the economic order obtained justice." One cause that prompted this reorientation could be the Haymarket Riot in Chicago when some strikers were shot and others hanged. In the US it resulted in a cleansing of higher education from socialist reformers and the ruin of the Knights of Labor. In 1888 Clark wrote Its Earnings. Frank A. Fetter reflected on Bates' motivation for writing this work: The probable source from which immediate stimulation came to Clark was the contemporary single tax discussion.... Events were just at that time crowding each other fast in the single tax propaganda. Progress and Poverty... had a larger sale than any other book written by an American.... No other economic subject at the time was comparable in importance in the public eye with the doctrine of Progress and Poverty. Capital and its Earnings "... wears the mien of pure theory....
But... one can hardly fail to see on every page the reflections of the contemporary single-tax discussion. In the brief preface is expressed the hope that'it may be found that these principles settle questions of agrarian socialism.' The discussion turns to'the capital that vests itself in land,'... The foundation of Clark's further work was competition: "If nothing suppresses competition, progress will continue forever". Clark: "The science adapted … is economic Darwinism. … Though the process was savage, the outlook which it afforded was not wholly evil. The survival of crude strength was, in the long run, desirable"; this was the fundament to develop the theory which made him famous: Given competition and homogeneous factors of production labor and capital, the repartition of the social product will be according to the productivity of the last physical input of units of labor and capital. This theorem is a cornerstone of neoclassical micro-economics. Clark more elaborated 1899 in The Distribution of Wealth.
The same theorem was formulated independently by John Atkinson Hobson and Philip Wicksteed. The political message of this theorem is: "hat a social class gets is, under natural law, what it contributes to the general output of industry."Clark's conclusion rests upon the productive contribution of the last unit of physical labour – one hour unqualified labour – and the last unit of physical capital. To him heterogeneous capital goods have a second, a social form as homogeneous capital and the productivity of the last unit of jelly determines profit; this retakes Karl Marx's view that commodities have a heterogeneous natural form and opposed to it a homogenous value-form, jelly. Clark might have known this Marxian construction from his German time and was reproached for this similarity. Clark's capital are not produced means of production each with a different production structure, it is an abstract, always existing and never perishing one great tool in the hand of working humanity similar to a field or a waterfall considered capital by Clark.
The arguable sides of Clark's notion of capital helped to give rise to the Cambridge capital controversy from 1954 to 1965 between the departments of economics at Cambridge Unive
Richard T. Ely
Richard Theodore Ely was an American economist and leader of the Progressive movement who called for more government intervention in order to reform what they perceived as the injustices of capitalism regarding factory conditions, compulsory education, child labor, labor unions. Ely is best remembered as a founder and the first Secretary of the American Economic Association, as a founder and secretary of the Christian Social Union, as the author of a series of read books on the organized labor movement and other social questions. Richard Theodore Ely was born on April 13, 1854, in Ripley, New York, the eldest of three children of Ezra Sterling and Harriet Gardner Ely. Soon after Ely's birth, his father moved the family to a 90-acre farm near Fredonia, New York, where Ely would spend the next 16 years; the elder Ely was a self-taught engineer and lacked the skills and knowledge to farm relying too on popular, sometimes erroneous, information he obtained from farm magazines. Although harsh weather and fluctuating market prices provided further hardship to the family, Ely credited his early farm life with instilling in him many valuable qualities.
From a young age he had numerous responsibilities in maintaining the farm, including carrying wood, churning butter, picking up rocks out of the fields, milking the cows. His parents were Presbyterian but Ely transferred his affiliation to the Episcopal Church when in college. Ely attended Columbia University in New York City, from which he received a bachelor's degree in 1876 and a master's degree in 1879, he received a Doctor of Philosophy degree in economics from the University of Heidelberg in that same year, where he had studied with Karl Knies, who belonged to the historical school of economics, Johann Kaspar Bluntschli. He received a Doctorate of Laws from Hobart College, receiving the degree in 1892. Ely was a professor and head of the Department of Political Economy at Johns Hopkins University in Baltimore, Maryland from 1881 to 1892. In 1885, Ely was a founder of the American Economic Association, serving until 1892 as the group's Secretary, he served a term as President of the organization, holding that position from 1899 to 1901.
AEA still entitles the keynote address at its annual meeting the Richard T. Ely Lecture and honored him in the association's annual Economists' Calendar. Ely founded Lambda Alpha International in 1930, its purposes included the encouragement of the study of land economics in universities. Richard T. Ely is known as the "Father of Land Economics". In April 1891, Ely was a founder and the first Secretary of the Christian Social Union, a membership organization advocating the application of Christian principles to the social problems of the world. From 1892 until 1925, he was professor of Political Economy and director of the School of Economics, Political Science, History at the University of Wisconsin in Madison. In 1894 an unsuccessful attempt was made to depose him from his chair at Wisconsin for purportedly teaching socialistic doctrines; this effort failed, with the Wisconsin state Board of Regents issuing a ringing proclamation in favor of academic freedom, acknowledging the necessity for "sifting and winnowing" among competing claims of truth.
In 1925, Ely moved to Northwestern University in Chicago, where he accepted a position as professor of Economics. He remained at Northwestern until his retirement in 1933. Although regarded as a radical by his detractors on the political right, Ely was in fact opposed to socialism. "I condemn alike," he declared, "that individualism that would allow the state no room for industrial activity, that socialism which would absorb in the state the functions of the individual." He argued that socialism was not needed, "the alternative of socialism is our complex socio-economic order, based, in the main, upon private property." He warned that the proper "balance between private and public enterprise" is "menaced by socialism, on the one hand, by plutocracy, on the other."Ely's critique of socialism made him a political target of the socialists themselves. In his 1910 book, Ten Blind Leaders of the Blind, Arthur Morrow Lewis acknowledged that Ely was a "fair opponent" who had "done much to obtain a hearing for among the unreasonable," but charged he was one of those "bourgeois intellectuals" who were "not sufficiently intellectual to grasp the nature of our position."Ely was a product of the German historical school with an emphasis on evolution to new forms, never accepted the marginalist revolution, transforming economic theory in Britain and the U.
S. He was influenced by Herbert Spencer and favored competition over monopoly or state ownership, with regulation to "secure its benefits" and "mitigate its evils." What was needed was "to raise its moral and ethical level." However, whereas Herbert Spencer believed that free competition was best served by deregulation and a smaller state, Richard Ely believed that more regulation and a more interventionist state was the policy to follow. On social Darwinism, Herbert Spencer believed that the state should not get involved in supporting one ethnic group over another — whereas Richard Ely believed that the state should support white "Nordic" people against people of other races. Ely did support labor unions and opposed child labor, as did many leaders of the Progressive Movement
Edmund J. James
Edmund Janes James was an American academic, president of the University of Illinois from 1904 to 1920, the primary founder, first president and first editor for the American Academy of Political and Social Science. James was born in Illinois and attended both Northwestern University and Harvard before receiving his doctorate in political economy from the University of Halle in 1877. Upon his return to the United States he received an appointment as a high school principal. In 1883, James was appointed at the University of Pennsylvania as professor of public finance and administration, it was there that he became the director of the Wharton School of Economy. While in Philadelphia, James organized the American Academy of Political and Social Science to foster research to help solve important social problems. In 1893, James left Philadelphia to accept a professorship in public administration and directorship of the university's extension program at the University of Chicago. In January 1902, he accepted the presidency of Northwestern University, but became disenchanted with the school's lack of foresight and began negotiations with the University of Illinois, where he became president in 1904.
In 1919, James took a leave of absence from the university. In 1920, he permanently retired. President James had the vision to build strong ties with China through education as early as 1906; that year, James wrote to President Theodore Roosevelt proposing a plan to establish scholarships for Chinese students to come to the U. S. this was known as the "Boxer Indemnity Scholarship Program". James in his letter noted: "China is upon the verge of a revolution The nation which succeeds in educating the young Chinese of the present generation will be the nation which for a given expenditure of effort will reap the largest possible returns in moral and commercial influence."President James established ties with China through the Chinese Minister to the United States, Wu Ting-Fang, created a direct connection between China and the Urbana campus. James set up the first office for foreign students in the United States. Between 1911 and 1920, the University of Illinois was educating a third of all the Chinese students in the United States.
Edward Y. Ying was influential in the planning of modern Shanghai. H. Y. Moh became a cotton manufacturer and government minister. Solberg, Winton U. "James, Edmund Janes". American National Biography. 11. Pp. 813–14. Solberg, Winton U.. "A Struggle for Control and a Moral Scandal: President Edmund J. James and the Powers of the President at the University of Illinois, 1911–14". History of Education Quarterly. 49: 39–67. Doi:10.1111/j.1748-5959.2009.01167.x. Edmund J. James at Find a Grave
New York Post
The New York Post is a daily newspaper in New York City. The Post operates the celebrity gossip site PageSix.com, the entertainment site Decider.com, co-produces the television show Page Six TV. The modern version of the paper is published in tabloid format. Established in 1801 by Federalist and Founding Father Alexander Hamilton, it became a respected broadsheet in the 19th century, under the name New York Evening Post. In 1976, Rupert Murdoch bought the Post for US$30.5 million. Since 1993, the Post has been owned by News Corporation and its successor, News Corp, which had owned it from 1976 to 1988, its editorial offices are located at 1211 Avenue of the Americas. Its distribution ranked 5th in the US in 2018; the New York Post, established on November 16, 1801, as the New-York Evening Post, describes itself as the nation's oldest continuously published daily newspaper. The Providence Journal, which began daily publication on July 21, 1829 bills itself as the nation's oldest continuously published daily newspaper because the New York Post halted publication during strikes in 1958 and 1978.
The Hartford Courant, believed to be the oldest continuously published newspaper, was founded in 1764 as a semi-weekly paper. The New Hampshire Gazette, which has trademarked its claim of being The Nation's Oldest Newspaper, was founded in 1756 as a weekly. Since the 1890s it has been published only on weekends; the Post was founded by Alexander Hamilton with about US$10,000 from a group of investors in the autumn of 1801 as the New-York Evening Post, a broadsheet. Hamilton's co-investors included other New York members of the Federalist Party, such as Robert Troup and Oliver Wolcott, who were dismayed by the election of Thomas Jefferson as U. S. President and the rise in popularity of the Democratic-Republican Party; the meeting at which Hamilton first recruited investors for the new paper took place in the then-country weekend villa, now Gracie Mansion. Hamilton chose William Coleman as his first editor; the most famous 19th-century Evening Post editor was the poet and abolitionist William Cullen Bryant.
So well respected was the Evening Post under Bryant's editorship, it received praise from the English philosopher John Stuart Mill, in 1864. In the summer of 1829, Bryant invited William Leggett, the Locofoco Democrat, to write for the paper. There, in addition to literary and drama reviews, Leggett began to write political editorials. Leggett's classical liberal philosophy entailed a fierce opposition to central banking, a support for voluntary labor unions, a dedication to laissez-faire economics, he was a member of the Equal Rights Party. Leggett became a co-owner and editor at the Post in 1831 working as sole editor of the newspaper while Bryant traveled in Europe in 1834 through 1835. Another co-owner of the paper was John Bigelow. Born in Malden-on-Hudson, New York, John Bigelow, Sr. graduated in 1835 from Union College, where he was a member of the Sigma Phi Society and the Philomathean Society, was admitted to the bar in 1838. From 1849 to 1861, he was one of the co-owners of the Evening Post.
In 1881 Henry Villard took control of the Evening Post, as well as The Nation, which became the Post's weekly edition. With this acquisition, the paper was managed by the triumvirate of Carl Schurz, Horace White, Edwin L. Godkin; when Schurz left the paper in 1883, Godkin became editor-in-chief. White became editor-in-chief in 1899, remained in that role until his retirement in 1903. In 1897, both publications passed to the management of Villard's son, Oswald Garrison Villard, a founding member of both the National Association for the Advancement of Colored People and the American Civil Liberties Union. Villard sold the paper in 1918, after widespread allegations of pro-German sympathies during World War I hurt its circulation; the new owner was Thomas Lamont, a senior partner in the Wall Street firm of J. P. Morgan & Co.. Unable to stem the paper's financial losses, he sold it to a consortium of 34 financial and reform political leaders, headed by Edwin Francis Gay, dean of the Harvard Business School, whose members included Franklin Delano Roosevelt.
Conservative Cyrus H. K. Curtis—publisher of the Ladies Home Journal—purchased the Evening Post in 1924 and turned it into a non-sensational tabloid in 1933. In 1934, J. David Stern purchased the paper, changed its name to the New York Post, restored its broadsheet size and liberal perspective. In 1939, Dorothy Schiff purchased the paper, her husband, George Backer, was named publisher. Her second editor Ted Thackrey became co-publisher and co-editor with Schiff in 1942. Together, they recast the newspaper into its current tabloid format. In 1948 The Bronx Home News merged with it. In 1949, James Wechsler became editor of the paper, running both the editorial pages. In 1961, he turned over the news section to Paul Sann and remained as editorial-page editor until 1980. Under Schiff's tenure the Post was devoted to liberalism, supporting trade unions and social welfare, featured some of the most-popular columnists of the time, such as Joseph Cookman, Drew Pearson, Eleanor Roosevelt, Max Lerner, Murray Kempton, Pete Hamill, Eric Sevareid, in addition to theatre critic Richard Watts, Jr. and gossip columnist Earl Wilson.
In November 1976, it was announced that Rupert Murdoch had bought the Post from Schiff with the intention she would remain as a consultant for five years. It emerged that Murdoch bought the newspaper for US$30.5 million. The Post at this point was the only surviving afternoon daily in New York City and its circulation under Schiff had grown by two-thirds after the failure of the competing World Journal Tribu