Mathematics is not enough:
there must also be financial management

Double entry book keeping:
balance the outgoings before the income

Economist, organizational development, specialization and division of labour: divide tasks up correctly, and they are done more quickly, and more enjoyably

Removes seeds from cotton interchangeable parts; cost accounting; American system of manufacturing; assembly line: turn the boring, tedious jobs into set routine machine tasks

Standard operating procedures
cost accounting
originator of the concept of horsepower

Laissez-faire
Bought together factors of production, begins analysis of what makes an Entrepreneur

Italian economist
80/20 theory: that 80% of money is owned by 20% of the people; now also applied to tasks, and clients: 20% of the clients bring in 80% of the income, and 80% 0f time should go to 20% of the clients

German Economist, assassinated 1922
“The New Economy” advocates that employees should take a greater role in the management

Economist, logical-relationist school, Wicksellian theory (Interest rates & bank rates control cash flows), Employment theory

Economist:
Business Cycle Theory;
identify how the business cycle works, the highs and the lows

Small is beautiful
Argued that large organizations needed to support competition rather than eliminate it in order to be healthy

Statistical guru
Time Series Analysis Self-taught during WWII Using imaginative solutions to statistics for business

Pay and Reward specialist
Linking performance and benchmarking to pay and rewards

Economist: advocates wealth as a global goal