Drucker or Caesar?…. The Curse of Easy Money…. Five from Marissa…. Success: It’s can be about the right Pronoun…. Econ Recon: Fooled by Extrapolation…. Forecasting Pros

“Our enemies come nearer the truth in the opinions they form of us than we do in our opinion of ourselves.”

Francois de La Rochefoucauld

Who Invented Management: Drucker or Caesar?

The late Dr. Peter Drucker was often referred to as “the man who invented management.” While Drucker’s contribution to the canon of management is legendary, he certainly was not the first to comment on or grapple with the art and science of managing subordinates.

Dr. Jerry Toner, a professor of classical studies at the University of Cambridge has penned a brief article about how the Roman nobility managed their “employees”, otherwise known in those days as slaves. Contrary to popular myth, the Romans knew their slaves were human beings and much like today’s managers employed, according to Professor Toner, “Incentives, rewards, bonuses and bonding experiences – Roman slave-owners were the first management theorists”. Thankfully, slavery no longer exists in the developed world (though tragically it still persists in darker corners) but isn’t it interesting that so many employees today, who enjoy unparalleled freedom, often refer to themselves as “wage slaves”!?

Give a man a fish, or teach him to fish? The curse of easy money.

While we are on the topic of personnel management and motivation, a recent “Economist” article discusses research on the impact of gambling profits on the lives of the Native American tribes that own casinos. The bottom line: tribes that used profits to invest in infrastructure and real businesses were much less likely to see an increase in poverty and much more likely to see a decrease in poverty than tribes that gave the bulk of the profits directly to their members. In fact, 59% of tribes that gave “per capita” payments to their members saw an increase in poverty from 2000-10. Per capita payments are (no surprise) popular and hard to stop once started, but they don’t generally make lives better. “Of slots and sloth: How cash from casinos makes Native Americans poorer” is an interesting discussion of how benefits without work can allow people to fall into the habit of not working.

Five From Marissa

From time to time in this space I’ve shared some articles on Marissa Mayer who has taken on the remarkable task of trying to make sense of what business Yahoo is in and what its future might be. Whatever the outcome, you have to admire the career she’s had so far. One business writer has recapped her journey to day and shares “5 Lessons from Marisa Mayer’s $500 million career”  (from Nicholas Carlson’s Book  “Marissa Mayer and the Fight to Save Yahoo.” )

Success: It can be about the right Pronoun

The most important person we ever manage is ourselves and a critical part of this is “self talk”…..the conversations we have with ourselves as we pursue our goals. Recent research suggests that HOW we talk to ourselves is at least as important as WHAT we say.  Find out why Pronouns Matter when Psyching Yourself Up (Helpful hint: try this when talking to yourself, not when talking out loud to others. Referring to ourselves in conversation either in the third person (or first personal plural – “we are not amused”) can be off-putting.)

Econ Recon:

Fooled by Extrapolation:  Economist Brian Wesbury continues his commentary on the so called pullback in the 2014 4Q GDP numbers. He sees slow but solid growth ahead and is still bullish on the market…Find out why he says “don’t be fooled by extrapolation.”

Forecasting Pros: If you’re a member of the Vistage community, the word “economist” brings to mind immediately the names of Brian and Alan Beaulieu…and with good reason. They continue to produce a forecasting record that most economists can only dream of. Take a quick look at their 2014 results which boast a 98% accuracy rating. Vistage members and Chairs are fortunate indeed to have access to their prognostications!