HLST 2030 Lecture Notes - Lecture 3: The American Heritage Dictionary Of The English Language, John Stuart Mill, Classical Economics
Document Summary
American heritage dictionary: the act, manner, or practice of managing; handling, or control, the person or persons who control or direct a business or other enterprise, skill in managing: executive ability. Lead by hand : management (from old french, manum agere (from latin, management, the basic function of management is to direct the efforts of an organization toward achievement of the organization"s goals and maintenance of the organization"s viability . Some authors trace the origins of management back to sumerian traders and ancient egypt for the building of the pyramids. If we just think about the classical de nition of management then this would make a great deal of sense. In fact it could be traced back to the origins of civilization one could argue. Modern management, began as an outgrowth of economics in the 19th century. Classical economists such as adam smith and john stuart mill provided the theoretical background to resource allocation, production and pricing.
