Information System Leaders, and More – New York News
Let’s explore some of the most interesting stories that have emerged from New York business schools this week.
Teaching Creativity, Strategy to Tomorrow’s Information Systems Leaders – Stevens Institute of Technology School of Business Blog
The Stevens Institute of Technology SOB spotlighted assistant professor of Information Systems Dr. Aron Lindberg, whose Digital Innovation course is a cornerstone of the master’s program in Information Systems.
Dr. Lindberg writes, “Digital products and processes are central to what businesses do today. And information systems professionals need to participate in the process of creating those products and services, and continuously pushing the envelope in search of innovation.”
He adds, “With all the data available today, you need the scientific method to ensure you’re doing your analysis in ways that are reliable and valid. Otherwise, you are not going to make good business decisions.”
Information Systems Master’s Program Director Dr. Paul Rohmeyer lauded Dr. Lindberg’s course, which “blends technical, management, strategy and entrepreneurship components, and presents them in an environment much like where they’ll work once they graduate.”
You can read the full article here.
NYU Stern Congratulates Paul Romer on Winning the 2018 Nobel Prize in Economics – NYU Stern
NYU Stern’s Paul Romer was recently awarded the 2018 Nobel Prize in Economics “for integrating technological innovations into long-run macroeconomic analysis.”
Romer has conducted “applied research on the many ways that policymakers in the developing world can use the growth of cities to create economic opportunity and pursue social reform” as part of the NYU Stern Urbanization Project, which he also founded.
Romer also directs the Marron Institute of Urban Management, which “deepens the fundamental understanding of cities by working with civic innovators to improve urban management.”
You can read the full release from NYU here.
Talking with … Albert Greco – Gabelli Connect
Gabelli School of Business‘ “Talking with …” feature recently spotlighted professor of marketing Albert Greco who is currently researching a business history book about the post-1980 U.S. trade book business and has a business history book proposal under review about the marketing and financing of World War II in the U.S.
Greco discussed what interests him most about teaching consumer behavior, which he has analyzed in some shape or form since 1985.
“Consumer behavior looks at great questions and issues related to who, what, when, where, how, and why consumers decide to buy, or not buy, products and services. This means analyzing issues related to age, gender, style, prestige, the channels of distribution, etc.”
Greco also talked about issues related to university presses, which he described as “critical to the intellectual life of universities and academics, but many of them are small to medium-sized undercapitalized presses, and they need to address costly back-office operations and scale issues.”
You can read more from the interview here.
New Yorker Cites Rotman Professor in Nobel Story – Toronto News
This week, representatives from Canada’s best business schools have utilized their skills and knowledge to make valuable contributions to the greater community. We’ve laid out the highlights below.
The Nobel Committee Honors The Economics of Market Failure – The New Yorker
A recent New Yorker article about the 2018 Nobel Prize in economics winners cites the blog of University of Toronto’s Rotman School of Management Professor Joshua Gans. Though the Nobel winners, Bill Nordhaus and Paul Romer, have not collaborated with one another, both have independently highlighted possible flaws and oversights of market economies. The article utilized Gans’s insight that the work of both winners provided a framework for economists to analyze and account for market failures.
According to thearticle, “In an idealized competitive market, prices equate the costs of producing goods with the benefits derived by consumers, and this equalizing mechanism insures that markets allocate resources and goods more efficiently than government diktat or other methods.”
Nordhaus’s research on fossil fuels and Romer’s research on goods that demonstrate advances in human knowledge suggest gaps in this narrative. Nordhaus’s work addressed that the cost of fossil fuels does not account for the damage incurred by their use, and consequent cost for future generations. This negative cost, importantly, is not accounted for in market transactions. Romer’s work explored positive spillover that is not accounted for in market transactions, such as advances in technology.
On news of Romer and Nordhaus’ awards, the Nobel Committee says:
“Both Romer and Nordhaus emphasize that the market economy, while a powerful engine of human development, has important imperfections and their contributions have thus offered insights into how government policy could potentially enhance our long-run welfare.”
You can read more about the Nobel Prize winners here.
Ryerson University Names Janice Fukakusa As Its New Chancellor – Newswire
Ryerson University has announced that Janice Fukakusa will take over as its Chancellor. Fukakusa, who received her MBA from York University’s Schulich School of Business, held senior roles at Royal Bank of Canada, including Chief Administrative Officer and Chief Financial Officer. She is currently on the board of not-for-profits like General Growth Properties, The Princess Margaret Cancer Foundation, and Cineplex. Until recently, Fukakusa was Chair of the Board of Governors for Ryerson. Fukakusa will be Ryerson’s first female Chancellor.
In her 31-year career, Fukakusa has received a variety of accolades celebrating her achievements. American Banker named her one of “The 25 Most Powerful Women In Banking” in 2016. She was also inducted into Canada’s Most Powerful Women Hall of Fame.
On news of her new role, Fukakusa says;
“I am honoured to be Ryerson’s new Chancellor, and look forward to driving the positive educational and societal changes for which the university has become known. We are leading the charge on so many important issues, and I am eager to work with students, faculty and staff in this new capacity to further advance the impressive progress that has been made to date.”
You can find out more about Fukakusa and her new role here.
Competition for Great Talent Has Become ‘Intense’ Axonify CEO Says – The Globe and Mail
The Globe and Mail profiled Carol Leaman, Chief Executive Officer of Axonify Inc. to highlight struggles facing tech employers. Leaman, whose company provides training modules for employees of corporations like Walmart and Bloomingdales, expressed that it has been increasingly difficult to woo qualified tech candidates. Amazon, Uber, and other global companies have been infiltrating the Ontario market, employing massive numbers of developers and IT personnel. Moreover, companies like Terminal have been helping U.S. firms hire Canadian developers.
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Carol Leaman, president and CEO of Axonify / Photo via The Globe and Mail
According to Wilfrid Laurier University Professor of Organizational Human Behavior, Chet Robie, Leaman needs to offer stellar benefits and compensation in order to thrive.
“I would start working on making their compensation more competitive—and by doing that you don’t always have to increase base salary,” Robie says, alluding to benefits like work flexibility and upward mobility.
“What really resonates with this group of people doesn’t have to break the bank.”
Read more about competition in Canada’s tech market here.
NYU Stern and Yale SOM Professors Awarded Nobel Prize in Economics
Faculty define a business school. Their research, teaching, mentorship, and influence have tremendous impact on the experience students have while there and often the careers they pursue once they graduate. From the curriculum they shape to the initiatives and centers they help run, faculty are vital. And it certainly never hurts when those faculty are also Nobel Prize winners.
This year, professors at two leading business schools were recognized with the 2018 Nobel Prize in Economic Sciences: Paul Romer at NYU Stern School of Business and William Nordhaus of Yale School of Management (SOM).
Nobel Prize Winners in Economics
At first glance, Romer and Nordhaus might seem unrelated. Romer has spent his career focusing on the nature of economic growth, seeking to answer the burning question, “Why do economies grow and how?” Nordhaus’ work, on the other hand, dives deep into the economic costs of environmental damage in an effort to gauge how much society would be willing to pay to avert climate change.
And yet both men have been hailed by Sveriges Riksbank, which awards the economics prize, as individuals known for “integrating innovation and climate with economic growth,” The Economist reports. They have also both influenced the way other economists think about critically important and complex systems.
Paul Romer
Paul Romer joined NYU Stern in 2010. Currently on leave, Romer is best known for founding the NYU Stern Urbanization Project in 2011, which conducts applied research on how policymakers in the developing world can use city growth to create economic opportunity and enact social reform.
In economics, Romer is known for developing the “endogenous growth model” and other approaches for spurring the market to generate new ideas. These models are based on the belief that the pace of growth and ways in which ideas are translated into growth depends on factors such as state support for research and development of intellectual-property protections. Hailed as a critical step toward understanding patterns of economic growth across the globe, his models highlight that the creation and spread of ideas is necessary for growth, but not alone adequate for initiating it.
In awarding Romer with the Nobel Price in Economics Sciences, the Swedish Academy cited his influence on “integrating technological innovations into long-run macroeconomic analysis.” (NYU Stern News)
William Nordhaus
Photography ©Mara Lavitt October 8, 2018 Evans Hall, Yale School of Management, 165 Whitney Ave. New Haven Yale University press conference presenting William Nordhaus, the Sterling Professor of Economics at Yale University. Nordhaus was awarded the 2018 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
Yale SOM Professor William Nordhaus has significantly impacted the teaching of economics at the school. A few years ago, he chaired the Yale Carbon Task Force, which looked at the market price of carbon-related products to determine the need for a market correction due to over-consumption or potential externalities. In particular, the task force delved into questions about distributing costs through organizations, tax effects of corrections, and connectivity problems and solutions.
As a professor, Nordhaus is best known for connecting people with important issues. He asks tough questions that make economics more accessible for everyday people and policymakers.
In economics specifically, he is best known for tackling complex systems surrounding climate change. His research has examined the economic costs of environmental damage and how much society would be willing to pay to avert them. As part of his work, he has combined mathematical descriptions of emissions with integrated assessment models, allowing him to project the impact of different global carbon emissions trajectories on global temperatures.
In awarding him the Nobel Prize in Economics, the Swedish Academy praised his work for “integrating climate change into long-run macroeconomic analysis.” (Yale SOM News)
Changing the Face of Economics
In the end, there’s no denying that both Romer and Nordhaus have blazed new trails in economics and humanity. Their names are synonymous with grappling with global issues we can’t afford not to understand.
