Doug North (winner of 1993 Nobel Prize in Economics)

 

Then read the following article by Doug North (winner of 1993 Nobel Prize in Economics), in which he describes the role of institutions in governing economic and business systems. After reading the article, please complete a summary and evaluation of the article: That is, summarize the content of the article in 1.5 pages, and in .5 pages evaluate its content. You can find the article here:

North Week 4 Reading.pdf

Remember that your evaluation should include problems/concepts/ or points that you think the author should have addressed but didn’t. These problems/concepts/points should also have an impact on the article’s conclusions – and you should explain the mechanisms by which they affect the author’s conclusions. (See the Summary and Evaluation description and rubric for an explanation.)

Sample Solution

Douglass Cecil North (November 5, 1920 – November 23, 2015) was an economist who specialized in economic history. In 1993, he shared the Nobel Memorial Prize in Economic Sciences with Robert William Fogel. North and Fogel “revitalized economic history study by applying economic theory and quantitative methodologies to analyze economic and institutional development,” according to the Nobel Committee. Douglass North was born on November 5, 1920, in Cambridge, Massachusetts. Because of his father’s job at MetLife, he moved around a lot as a kid. Ottawa, Lausanne, New York City, and Wallingford, Connecticut were among the family’s residences.

essay I will discuss the connections between leadership, motivation and teamwork theories, how they connect to practice in organisations and their limitations, offering solutions where impracticalities arise. The essay aims to draw conclusions on the suitability of Fiedler’s Contingency Theory of Leadership, Tuckman’s Model of Group Development, Belbin’s Team Theory, and Herzberg’s Two Factor Theory in practice, and how complexities like power and influence shape how they can be applied to best suit the situation a leader faces.

Leadership Contingency based theories of leadership suggest that there is no correct or best way to lead a group, or organisation, due to the significant number of constraints on a situation (Flinsch-Rodriguez, 2019). Fiedler, in his Contingency Theory of Leadership (Fiedler, 1967), suggests that the effectiveness of a group is dependent on the leadership styles of the leader and their favourability to the situation. Much of the theory is established around the least preferred co-worker scale (LPC). The LPC aims to quantify a potential leaders approach to a task on a scale of relationship motivated to task motivated, where the leader fits on the scale allows their most favourable situation to be deduced, and thus allows the identification of suitable leaders for tasks. The favourableness of the situation depends on three characteristics: leader-member relations, the support and trust the leader as from the group; task structure, the clarity of the task to the leader; and positional power, the authority the leader has to assess a groups performance and give rewards and punishments (Fiedler, 1967). If the leaders approach matches what is required from the situation then success is predicted for the group. Fiedler’s contingency model offers a very austere categorisation of leadership, clearly defining which situations will and will not result in success for a potential leader. At the senior management level of a hierarchal structure within an organisation the theory can be applied freely, firstly due to the ease at which persons can be replaced if their LPC score does not match that required of the situation (Pettinger, 2007). Secondly, and most importantly, is to ensure that the senior management are best equipped to lead the organisation successfully. However, further down the hierarchy Fielder’s contingency theory begins to hold m

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