Harry Truman Is Credited with the Statement, "Give Me a One-Armed

question 151

Essay

Harry Truman is credited with the statement, "Give me a one-armed economist," because economists are likely to say, "On the one hand, ...on the other hand." Why do economists "waffle" more than physicists or chemists?

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Definitions:

Employee Incentives

Programs or rewards designed to motivate employees and align their actions with organizational goals.

Economic Darwinism

Differential variations among firms’ organizational architectures, decision processes, or technologies that affect firms’ chances of survival in a competitive environment. Natural selection is the process whereby those differential variations that increase an organization’s chances of survival will tend to be imitated and become more prevalent in other firms. Managers will not imitate management practices of failing firms but those of successful firms.

Inefficient Behavior

Actions or practices that result in a waste of resources or less optimal outcomes.

Accounting Practices

The standard methods and procedures used by companies to record, report, and manage financial information.