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(PDF) Coping with complexity

<!DOCTYPE html> <html > <head> <meta charset="utf-8"> <meta rel="search" type="application/opensearchdescription+xml" href="/open_search.xml" title="Academia.edu"> <meta content="width=device-width, initial-scale=1" name="viewport"> <meta name="google-site-verification" content="bKJMBZA7E43xhDOopFZkssMMkBRjvYERV-NaN4R6mrs"> <meta name="csrf-param" content="authenticity_token" /> <meta name="csrf-token" content="S5v6qdK4k2ftwu71im1pLCvhMUKwygvwEFSdGxCAamVQZ_oh2dpMdg-s35KwY4MZEv5mRk3uW3fkxHamFOmBmA" /> <meta name="citation_title" content="Coping with Complexity" /> <meta name="citation_publication_date" content="2009" /> <meta name="citation_journal_title" content="Decision Sciences Journal of Innovative Education" /> <meta name="citation_volume" content="7" /> <meta name="citation_firstpage" content="339" /> <meta name="citation_lastpage" content="340" /> <meta name="citation_issn" content="1540-4595" /> <meta name="twitter:card" content="summary" /> <meta name="twitter:url" content="https://www.academia.edu/72703925/Coping_with_complexity" /> <meta name="twitter:title" content="Coping with complexity" /> <meta name="twitter:description" content="Keynesian theories of spending an economy out of recession. This mindset can be clearly seen in the policies advocated by the current U.S. president and Congress. We need to focus on educating college students and the public about the inevitability" /> <meta name="twitter:image" content="https://0.academia-photos.com/52053828/13773963/14880476/s200_grandon.gill.jpg" /> <meta property="fb:app_id" content="2369844204" /> <meta property="og:type" content="article" /> <meta property="og:url" content="https://www.academia.edu/72703925/Coping_with_complexity" /> <meta property="og:title" content="Coping with complexity" /> <meta property="og:image" content="http://a.academia-assets.com/images/open-graph-icons/fb-paper.gif" /> <meta property="og:description" content="Keynesian theories of spending an economy out of recession. This mindset can be clearly seen in the policies advocated by the current U.S. president and Congress. We need to focus on educating college students and the public about the inevitability" /> <meta property="article:author" content="https://usf.academia.edu/GrandonGill" /> <meta name="description" content="Keynesian theories of spending an economy out of recession. This mindset can be clearly seen in the policies advocated by the current U.S. president and Congress. We need to focus on educating college students and the public about the inevitability" /> <title>(PDF) Coping with complexity</title> <link rel="canonical" href="https://www.academia.edu/72703925/Coping_with_complexity" /> <script async src="https://www.googletagmanager.com/gtag/js?id=G-5VKX33P2DS"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-5VKX33P2DS', { cookie_domain: 'academia.edu', send_page_view: false, }); gtag('event', 'page_view', { 'controller': "single_work", 'action': "show", 'controller_action': 'single_work#show', 'logged_in': 'false', 'edge': 'unknown', // Send nil if there is no A/B test bucket, in case some records get logged // with missing data - that way we can distinguish between the two cases. // ab_test_bucket should be of the form <ab_test_name>:<bucket> 'ab_test_bucket': null, }) </script> <script> var $controller_name = 'single_work'; var $action_name = 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This mindset can be clearly seen in the policies advocated by the current U.S. president and Congress. We need to focus on educating college students and the public about the inevitability of the business cycle and the need for managers, and individuals as well, to prepare for both eventualities. We need to ensure that our students understand that man, by his nature, pursues his own self-interest, and those economic systems that have historically created long-term value have Adam Smith's concept of self-interest and markets as their cornerstone. We risk discrediting these ideas by labeling self-interest as greed, which many commentators do during an economic downturn. As teachers in the business school, we need not only to teach these basic concepts but also to help students to understand the broader meaning of these ideas. Alexis de Tocqueville in Democracy in America used the term well-informed self-interest, which he believed was the foundation of the democratic process. Others will refer to enlightened self-interest. It is readily apparent that many business leaders were pursuing their self-interest but were not pursuing wellinformed self-interest. As hindsight suggests, many decisions reflected a shortterm, shortsighted approach to decision making. Schools of business can help our students and the community to develop well-informed self-interest. The development of Centers for Economic Education and Entrepreneurship to help high school teachers gain economic literacy is a critical step in this process. Required courses in Personal Finance are yet another approach to creating well-informed self-interest behaviors. Although we may endorse these concepts enthusiastically, let us not assume that these changes will suspend the business cycle or eliminate greed and unethical behaviors. Greed and unethical behaviors as a cause for economic busts have been put forward at each downturn and will no doubt be argued yet again in the next bust in the economy.","publication_date":"2009,,","grobid_abstract_attachment_id":"83910265"},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"Coping with complexity","broadcastable":true,"draft":null,"has_indexable_attachment":true,"indexable":true}}["work"]; window.loswp.workCoauthors = [52053828]; window.loswp.locale = "en"; window.loswp.countryCode = "SG"; window.loswp.cwvAbTestBucket = ""; window.loswp.designVariant = "ds_vanilla"; window.loswp.fullPageMobileSutdModalVariant = "control"; window.loswp.useOptimizedScribd4genScript = false; window.loginModal = {}; window.loginModal.appleClientId = 'edu.academia.applesignon'; window.userInChina = "false";</script><script defer="" src="https://accounts.google.com/gsi/client"></script><div class="ds-loswp-container"><div class="ds-work-card--grid-container"><div class="ds-work-card--container js-loswp-work-card"><div class="ds-work-card--cover"><div class="ds-work-cover--wrapper"><div class="ds-work-cover--container"><button class="ds-work-cover--clickable js-swp-download-button" data-signup-modal="{&quot;location&quot;:&quot;swp-splash-paper-cover&quot;,&quot;attachmentId&quot;:83910265,&quot;attachmentType&quot;:&quot;pdf&quot;}"><img alt="First page of “Coping with complexity”" class="ds-work-cover--cover-thumbnail" src="https://0.academia-photos.com/attachment_thumbnails/83910265/mini_magick20220411-22229-16n0p17.png?1649738576" /><img alt="PDF Icon" class="ds-work-cover--file-icon" src="//a.academia-assets.com/images/single_work_splash/adobe_icon.svg" /><div class="ds-work-cover--hover-container"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span><p>Download Free PDF</p></div><div class="ds-work-cover--ribbon-container">Download Free PDF</div><div class="ds-work-cover--ribbon-triangle"></div></button></div></div></div><div class="ds-work-card--work-information"><h1 class="ds-work-card--work-title">Coping with complexity</h1><div class="ds-work-card--work-authors ds-work-card--detail"><a class="ds-work-card--author js-wsj-grid-card-author ds2-5-body-md ds2-5-body-link" data-author-id="52053828" href="https://usf.academia.edu/GrandonGill"><img alt="Profile image of Grandon Gill" class="ds-work-card--author-avatar" src="https://0.academia-photos.com/52053828/13773963/14880476/s65_grandon.gill.jpg" />Grandon Gill</a></div><div class="ds-work-card--detail"><p class="ds-work-card--detail ds2-5-body-sm">2009</p><div class="ds-work-card--work-metadata"><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">visibility</span><p class="ds2-5-body-sm" id="work-metadata-view-count">…</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">description</span><p class="ds2-5-body-sm">17 pages</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">link</span><p class="ds2-5-body-sm">1 file</p></div></div><script>(async () => { const workId = 72703925; 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if (!viewCountBody) { throw new Error('Failed to find work views element'); } viewCountBody.textContent = `${commaizedViewCount} views`; } catch (error) { // Remove the whole views element if there was some issue parsing. document.getElementById('work-metadata-view-count')?.parentNode?.remove(); throw new Error(`Failed to parse view count: ${viewCount}`, error); } }; // If the DOM is still loading, wait for it to be ready before updating the view count. if (document.readyState === "loading") { document.addEventListener('DOMContentLoaded', () => { updateViewCount(viewCount); }); // Otherwise, just update it immediately. } else { updateViewCount(viewCount); } })();</script></div><p class="ds-work-card--work-abstract ds-work-card--detail ds2-5-body-md">Keynesian theories of spending an economy out of recession. This mindset can be clearly seen in the policies advocated by the current U.S. president and Congress. We need to focus on educating college students and the public about the inevitability of the business cycle and the need for managers, and individuals as well, to prepare for both eventualities. We need to ensure that our students understand that man, by his nature, pursues his own self-interest, and those economic systems that have historically created long-term value have Adam Smith&#39;s concept of self-interest and markets as their cornerstone. We risk discrediting these ideas by labeling self-interest as greed, which many commentators do during an economic downturn. As teachers in the business school, we need not only to teach these basic concepts but also to help students to understand the broader meaning of these ideas. Alexis de Tocqueville in Democracy in America used the term well-informed self-interest, which he believed was the foundation of the democratic process. Others will refer to enlightened self-interest. It is readily apparent that many business leaders were pursuing their self-interest but were not pursuing wellinformed self-interest. As hindsight suggests, many decisions reflected a shortterm, shortsighted approach to decision making. Schools of business can help our students and the community to develop well-informed self-interest. The development of Centers for Economic Education and Entrepreneurship to help high school teachers gain economic literacy is a critical step in this process. Required courses in Personal Finance are yet another approach to creating well-informed self-interest behaviors. Although we may endorse these concepts enthusiastically, let us not assume that these changes will suspend the business cycle or eliminate greed and unethical behaviors. 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