Being first edition, the second edition will be better. It is a balanced text. I very much like the text and will consider it highly for adoption in my Principles of Economics Courses. This textbook is very comprehensiveness. It covers almost all the major topics in mainstream micro and macroeconomic studies. The examples and data used are very current and up-to-date. The authors are using "big" and on-going economic issues in the illustration, explanation, and case in point.
This makes the study of the concept very relevant to real world experience. Since those are important on-going economic issues in our economy, the longevity of the content will last and is easy to update with relevant information and data. Concepts are explained with examples and illustrations. Graphs are using grid-lines and arrows to show the effect of it and are easy to follow and understand. Overall, the book is very clear and precise.
All chapters are using the same format. Terminologies, concepts, and graphs are consistently applied and moved on from one chapter to another chapter. The HTML format is better and easy to read. Inside each chapter, it has the section numbers which are missing in the Table of Contents. For example, in chapter 1, "Defining Economics" is section 1. It would be better to put back the section number 1. Other than the above, the text in each chapter has good sections and sub-units.
The topics in the text are presented in a logical and clear fashion. All chapters are organized in the same format by using colored text box, heading and sub-heading, highlighted text, and bullet point.
Easy to read and follow. As I have mentioned in 6 above, the PDF file does not space out appropriately and makes it hard to navigate through the text and go back to find text. The Table of Contents should include section number for each chapter. The Table of Contents should be divided into Microeconomics and Macroeconomics. There is no glossary and index list at the end of the book. The authors are cultural sensitive and relevance.
They are using lots of different quotes to back up their points without prejudice or bias. Different countries' cultural and economic issues are discussed and included in its content. More Try It Problems would be better. That would be great! Being a product of the Pleistocene epoch, I sometimes don't trust my online navigation skills.
That said, after repeated attempts, I was unable to locate a glossary or index for this otherwise fine text. Assuming they don't exist, their absence Assuming they don't exist, their absence is certainly not a deal-breaker. In my long and labored experience, nearly all college principles of economics texts really are pretty much interchangeable in terms of providing basic content. They are obligated to cover these basics if they intend to be even moderately useful.
You get the idea. The chapter on Socialist Economies in Transition was an interesting and welcome addition to the usual list of topics. Another absolutely wonderful thing the text did was to address the students with respect. Few texts in any discipline make even vague reference to what should be an obvious reality of their end customers' worlds.
Most college texts authors ignore such tawdry issues out of a misplaced concern for sullying the purity of their disciplines with such pedestrian and base concerns. Also, I suspect, many of them are annoyed by the realization that what they teach or how they teach is of little practical value. Where-the-heck did all THAT come from?!?
Apparently someone's little "soapbox" button got pushed. If they had been in the room as I read these sections, I would have kissed them squarely on the lips. Okay, I'll try to curb myself a bit and not run on quite so much with this response.
As I read through the text no, I didn't read every page, but I did read quite a bit; samplings from nearly every chapter , I wasn't once struck by an obvious inaccuracy or biased presentation of concepts and material. I haven't always had that impression when reading texts, economics or otherwise.
Krugman's springs to mind. These folks did an admirable job of fairly and evenhandedly compelling students to understand far reaching ramifications and consequences of topics such as the unavoidable reality sometimes unpleasant of having limited choices, how not "black-and-white" antitrust policies can be in a complex world of international economies, the economics of environmentalism, causes and remedies for income inequality, poverty, and discrimination, and other hot-button issues.
References are made to relatively current topics such as the great recession and its ongoing and potent relevance to the future of the economies of the U. Events of this magnitude and scope will certainly remain relevant for some time to come even as they transition from a current event to an important historic lesson think, "The Great Depression".
Likewise, investigations into the inner goings on of present-day socialist economies will likely be of interest as they continue their unprecedented morphication? I could be wrong often am, ask the wife , but the authors of this text leave me with the impression that they will be responsible stewards of their OER text.
The phrase, "labor of love" springs to mind. I see ongoing updates in this book's future. I am rating the text as a 4 rather than 5 only because, as economists are painfully aware, the future is a shimmering, unfocused phenomenon. Let's face it, when preparing for a relaxed evening in front of a warm, crackling fire, hot Belgian cocoa in hand, and trusty canine underfoot, few would pull a love-worn economics text off the carved mahogany bookshelf I'm painting a picture here as an appealing choice for the evening's read.
It is a sad reality that no viable college economics text including this one will ever be described on course evaluations with words such as, "lilting prose" or "Like the vampires in 'Twilight' this economics text made marginal cost curves spring to life; flying off the pages and into my heart From the references to Heraclitis in the preface to the effect of cancelled games on pro-basketball players' earnings in a later chapter, the reading is peppered with references and examples designed to clarify potentially and actually complex social, political, economic, and mathematical concepts.
They rank, "well above the norm" among econ texts. Once again, I'm choosing a rank of 4 rather than 5. I do this for two reasons: 1 I am a bitter old man who grades way to hard I've been told , and 2 I'm saving the ultimate-highest-rank of 5 for when they finally make a digital text that plugs directly into the higher learning centers of our students' cortices directly bi-passing the sizable portions of their brains dedicated to Netflix and pizza.
As I sheepishly admitted somewhere above, I didn't read everysingleword of the text. However of the very many pages I did read, terminology was always consistent. I didn't find one instance where students would have been confused by the same terms being used different ways. The framework of the text was logical and consistent with the majority of economics texts available today, both OER and elsewhere.
Just to be clear, that is a good thing. I'm generally unimpressed with authors that strive to distinguish their text by presenting material in an avant-garde or experimental way.
Okay, I can't help myself, is "modularity" really a word? It appears that most of the chapters are divided into major sections three in most cases. This helps keep topics from becoming too darn unwieldy. Each section also contains learning objectives, summaries, examples, and problems. Each chapter is introduced with a nice story to motivate the material and each chapter ends with a wrap-up and additional problems.
Good stuff! Plenty of useful examples and a good assortment of different types of questions with answers. I'm seriously considering using this text in my in-class sections and perhaps my online as well. Hence, the modularity issue is an important one to me. I don't have the time or inclination to cover all the chapters of any economics text, including this one. As most of you reading this likely know, this can be a problem with some texts that have chapters so tightly linked that missing out on one or more "episodes" let alone ten would leave the students quite befuddled kind of like, "Downton Abbey".
Reading through this text leaves me with the strong impression that this would not be a problem more like, "General Hospital". In the authors' own words, "To ensure students realize that economics is a unified discipline and not a bewildering array of seemingly unrelated topics, we develop the presentation of microeconomics and of macroeconomics around integrating themes.
Boy, this sure sounds an awful lot like 5 and to a lesser extent 6 above which reference "consistency" ,"framework", "easily realigned" and other related concepts. That said, I'll do my best to approach it as a somehow unique and separate query. And even if I am unable to do so, I will almost certainly still manage to write many many words. Because I've been to graduate school! Economic concepts can be and regularly are divided into the two general categories of Macroeconomics and Microeconomics; "Integrating themes" are used for both the Macro and Micro topics.
For Macro, the integrating theme is the notion of Aggregate Supply and Aggregate Demand sexy stuff that. The integrating theme for microeconomics is the "marginal decision rule. A great job was done with the text's interface. All the graphs and charts and tables are clear and uncluttered and generally user-friendly.
That stuff is spendy and lest we forget, the point of OER materials is to bring costs to students down. I can happily accept the simple, straight-forward, understandable format contained herein.
Frankly, many of the "fancier" presentations often provide more distraction than edification. Granted, I didn't have magnifying glass in hand, but in all the material I read I don't recall seeing a single grammatical faux pas. While I can't absolutely guarantee that there's not a single humanoid on our fair planet that would find any words in this text offensive, I can with some confidence say that if we did find such a person they would likely be more than a little bit wacko.
Skip to main content. By using our site, you agree to our collection of information through the use of cookies. To learn more, view our Privacy Policy. Log In Sign Up. Download Free PDF. Vikalp Bisht. Cheruiyot Kiprono. Download PDF. A short summary of this paper.
Mobile : Fax: E-Mail: yolum ss. From the time human beings began forming social organizations to accomplish aims and objectives they could not accomplish as individuals, managing has been essential to ensure the coordination of individual efforts.
As society continuously relied on group effort, and as many organized groups have become large, the task of managers has been increasing in importance and complexity. Henceforth, managerial theory has become crucial in the way managers manage complex organizations. The central thesis of this paper is that although some managers in different parts of the world could have achieved managerial success without having basic theoretical knowledge in management, it has to be unequivocally emphasized that those managers who have mixed management theory in their day-to-day practice, have had better chances of managing their organizations more efficiently and effectively to achieve both individual and organizational objectives.
Therefore, managers of contemporary organizations ought to appreciate the important role they play in their respective organizations if they are to achieve set goals.
Secondly, there is need to promote excellence among all persons in organizations, especially among managers themselves. Definition of Management Management is the art, or science, of achieving goals through people. More broadly, management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims Koontz and Weihrich , p.
In its expanded form, this basic definition means several things. First, as managers, people carry out the managerial functions of planning, organizing, staffing, leading, and controlling. Second, management applies to any kind of organization. Third, management applies to managers at all organizational levels.
Fourth, the aim of all managers is the same — to create surplus. Finally, managing is concerned with productivity — this implies effectiveness and efficiency. Thus, management refers to the development of bureaucracy that derives its importance from the need for strategic planning, co-ordination, directing and controlling of large and complex decision-making process.
Essentially, therefore, management entails the acquisition of managerial competence, and effectiveness in the following key areas: problem solving, administration, human resource management, and organizational leadership. Problem solving should be accompanied by problem identification, analysis and the implementation of remedies to managerial problems. Second, administration involves following laid down procedures although procedures or rules should not be seen as ends in themselves for the execution, control, communication, delegation and crisis management.
Third, human resource management should be based on strategic integration of human resource, assessment of workers, and exchange of ideas between shareholders and workers. Finally, organizational leadership should be developed along lines of interpersonal relationship, teamwork, self-motivation to perform, emotional strength and maturity to handle situations, personal integrity, and general management skills.
One objective is ensuring organizational goals and targets are met — with least cost and minimum waste. The second objective is looking after health and welfare, and safety of staff. The third objective is protecting the machinery and resources of the organization, including the human resources. Management Functions To understand management, it is imperative that we break it down into five managerial functions, namely; planning, organizing, staffing, leading, and controlling.
Planning involves selecting missions and objectives and the actions to achieve them. It requires decision-making — i. Plans range from overall purposes and objectives to the most detailed actions to be taken. In other words, before a decision is made, all that exists is planning study, analysis, or a proposal; there is no real plan. People working together in groups to achieve some goal must have roles to play.
Generally, these roles have to be defined and structured by someone who wants to make sure that people contribute in a specific way to group effort. Organizing, therefore, is that part of management that involves establishing an intentional structure of roles for people to fill in an organization. Intentional in that all tasks necessary to accomplish goals are assigned and assigned to people who can do them best. Indeed, the purpose of an organizational structure is to help in creating an environment for human performance.
However, designing an organizational structure is not an easy managerial task because many problems are encountered in making structures fit situations, including both defining the kind of jobs that must be done and finding the people to do them. Staffing involves filling, and keeping filled, the positions in the organization structure. This is done by identifying work-force requirements; inventorying the people available; and recruiting, selecting, placing, promoting, appraising, planning the careers of, compensating, and training or otherwise developing both candidates and current jobholders to accomplish their tasks effectively and efficiently.
Leading is the influencing of people so that they will contribute to organization and group goals; it has to do predominantly with the interpersonal aspect of managing. Most important problems to managers arise from people — their desires and attitudes, their behavior as individuals and in groups. Hence, effective managers need to be effective leaders. Leading involves motivation, leadership styles and approaches and communication. It measures performance against goals and plans, shows where negative deviations exist, and, by putting in motion actions to correct deviations, helps ensure accomplishment of plans.
Although planning must precede controlling, plans are not self-achieving. Plans guide managers in the use of resources to accomplish specific goals; then activities are checked to determine whether they conform to the plans. Compelling events to conform to plans means locating the persons who are responsible for results that differ from planned action and then taking the necessary steps to improve performance.
Thus, controlling what people do controls organizational outcomes. Finally, coordination is the essence of manager-ship for achieving harmony among individual efforts toward the accomplishment of group goals. Each of the managerial functions discussed earlier on is an exercise contributing to coordination.
Because individuals often interpret similar interests in different ways, and their efforts toward mutual goals do not automatically mesh with the efforts of others, it, thus, becomes the central task of the manager to reconcile differences in approach, timing, effort, or interest, and to harmonize individual goals to contribute to organizational goals.
Although these management functions concern the internal environment for performance within an organization, managers must operate in the external environment of an organization as well. Clearly, managers cannot perform their tasks well unless they have an understanding of, and are responsive to, the many elements of the external environment — economic, technological, social, political, and ethical factors — that affect their areas of operation.
Thus, managers must establish an environment in which people can accomplish group goals with the least amount of time, money, materials, and personal dissatisfaction or in which they can achieve as much as possible of a desired goal with available resources. In a non-business enterprise such as units of a business such as an accounting department that are not responsible for total business profits, managers still have goals and should strive to accomplish them with the minimum of resources or to accomplish as much as possible with available resources.
A manager who achieves such an aim is said to be a strategic manager. The second goal or aim of all managers is that they must be productive. Indeed, government, and the private sector recognize the urgent need for productivity improvement. Productivity improvement is about effectively performing the basic managerial and non-managerial activities. Simply defined, productivity is about the output-input ratio within a time period with due consideration for equality.
Lastly, productivity implies effectiveness and efficiency in individual and organizational performance. Effectiveness is the achievement of objectives. Efficiency is the achievement of the ends with the least amount of resources.
Managers cannot know whether they are productive unless they first know their goals and those of the organization. The :Essentiality of Management in Any Organization Managers are charged with the responsibility of taking actions that will make it possible for individuals to make their best contributions to group objectives.
However, a given situation may differ considerably among various levels in an organization or various types of enterprises. The scope of authority held may vary and the types of problems dealt with may be considerably different.
All managers obtain results by establishing an environment for effective group endeavor. In addition, all managers carry out managerial functions. However, the time spent for each function may differ. Thus, top-level managers spend more time on planning and organizing than do lower-level managers. Leading, on the other hand, takes a great deal of time for first-line supervisors.
The difference in the amount of time spent on controlling varies only slightly for managers at various levels. The manager is, therefore, the dynamic, life-giving element in every business.
For that, he will explore books which are the best ones for the field. The free Economics Textbook pdf is available for download at the end of this article which is the most recommended book from the experts for the economics students. Listed below are the features which provide some good reasons to have this book.
Here is a list of all the features which makes this book the best one for studying economic basics. So these were few features from the book which tells us why this book is the best one to study the subject. You can download the free Economics Textbook Pdf on our site to read the book and learn more. Given below is a free download link to get this book. Also, keep visiting All Books Hub for more free pdf and book reviews. Your email address will not be published.
Save my name, email, and website in this browser for the next time I comment. Facebook Twitter Pinterest Telegram Whatsapp. Report this app Download links do not work There is a new version Others.
0コメント