No comments about Macroeconomics: Theories, Policies, and International Applications (with Xtra! Access Card).

No comments about Counting for Nothing: What Men Value and What Women are Worth.

No comments about Macroeconomics (Quickstudy Reference Guides - Academic).

5 comments about Beyond Reengineering: How the Process-Centered Organization is Changing Our Work and Our Lives.

1. After the first nine chapters, I thought this book was better than the original, Reengineering the Corporation. But the second half of the book wanders off into repetition, ambiguity and irrelevance. Oh well, it is still worth the cost just to read the first half of this sequel, because it adds depth to the original book.



2. I recently had the privilige of attending a Dr. Hammer seminar in Boston and can tell you that this book tracks closely with his seminar which was the best I have ever attended. The book however goes into much greater detail and depth than a one day high level seminar can go to. The portions that described the first principles of business (chapter 6)and the dramatic impact that process centered organizations will have on employees (the entire book)were standouts. I have already used information contained here in my work as a consultant for a major federal systems integrator. I am also going to try and get my children who are attending college and high school to read at least chapter 14 (What I Tell My Children)so that they can take advantage of Dr Hammer's guidance with respect to the selection of fulfilling educational and career choices. I think it is the best book on business that I have ever read.

   I also understand the book was written for a general audience but it would have been nice to have some footnotes and research to underpin some of the pronouncements of business benefits. I tried to track the performance of American Standard, Texas Instruments, and GTE to see if I could confirm Hammer's assertions but it would have taken too much time. Maybe he can publish an addendum for those of us interested in such matters.




3. Sorry, but I'm not as impressed by Hammer as he is of himself. I work for a large Fortune 100 company as a Director of Business Process Reengineering, and I'm NOT convinced after reading this that Hammer has rolled up his sleeves and gotten dirty (we all think it but no one will admit to it out loud). Just read the chapter about process owners and his theory about managing the employee and it is clear he has littler or no experience working with front-line $20K/year employees that are found in our operations. Sure, if you're working with professionals making $50K+ his theories are more plausible.

   My boss swears by Hammer but when it comes to planning and performing the Redesign work she calls on my team to get it done. We aren't disciples of Hammer, but everyone on my team has read this book and in order to understand the terminology. Using the methodology found in this book will be of minimal use for planning and completing your BPR.




4. I come from four generations of independent businessmen, none of whom needed a book to tell them how to run one. And none of whom ever failed at the business they owned. I currently work for a company that has been in business for 102 years, and this book has sold some of the marketing types in management down the Hammer River of "process", whose implementation and loose interpretation of this book has resulted in mass retirements; fragmentation of skilled staff; loss of communication between working departments, and physical movements of employees that follow no logical purpose. The effect upon moral as a whole has de-motivated all of us. You cannot come to work or take a break without small groups of people venting their outrage at what's going on. There are increased hand-offs and rather than report to one person, now we must go through five, wait for a number to be generated for each task we perform (2 to 5 days). It's the craziest way to run a business that I've ever seen! We are left trying to figure out who is the leader and how we are supposed to get a project completed. None of us can figure out why management would go along with what Mr. Hammer proposes, when we won the JD Powers award for Customer Satisfaction in 2003. If we were not successfully doing our jobs before this "process change implementation", I'd like to know how this company stayed in business for 102 years! His proposals have intentionally set us up to fail. The only reason I can find for a company to use his recommendations is if they intend to be bought, want to get rid of all their employees, and want to cause general dishelvement and frustration. We were told that no jobs would be eliminated, this was not a reorganization, not a restructure. And yet entire departments that were instrumental in the core business of this company have been dissolved. And those who have retired would not have otherwise done so, had this company not chosen Mr. Hammer's path. Staff that has left is not being replaced. And no one prefers the job title "Subject Matter Expert" over the one they had before. Nobody wants "Process Leader" on their business cards. We all want to be productive, to feel that our work has real purpose and relevance. Mr. Hammer would have us all be nothing more than the by-product of some process that was unnecessary. I'd like to be there the day they lock Mr. Hammer away for insanity. I guess it's worth the price of this book just to buy it for a dartboard (which is precisely what I intend to do). Yes, Mr. Hammer, this has definately impacted my life, and I hope I never see you stranded by the side of the road: the result will be the implementation of a process you didn't mention in your book...



5. This book is heavily tied to its bestselling predecessor and therefore offers little excitement. Ofcourse, some new elements are added and forgotten subjects are drawn upon, but this book offers just more reengineering and doesn't go beyond the first book.
   
   Is this book not worth reading then? Absolutely not, you should actually read it. But not before completing the first book. Still thirsty after that one? Then get a refill with this one.

5 comments about Create Marketplace Disruption: How to Stay Ahead of the Competition.

1. In Create Marketplace Disruption, Adam Hartung succeeds brilliantly in illuminating the root causes for the shockingly high rate of business failure - especially among those companies that graduate to the ranks of exalted Fortune 500 status. His analysis of hundreds of companies confirms the reality of what Hartung calls "innovation lock-in" - the paralyzing effects organizations suffer when they commit themselves through their practices and structures to perpetuating and optimizing behaviors that once succeeded in gaining competitive advantage. The problem is that business markets are highly dynamic environments, and static management approaches quickly lose their relevancy. Yet these approaches are exactly what is being taught at business schools around the world today. He builds a compelling argument against employing "Extend and Defend" management strategies that inevitably lead to corporate rigor mortis. Having identified these root causes of business failure, Hartung outlines his provocative approach to overcome innovation lock-in, which he calls "The Phoenix Principle." The Phoenix Principle helps ensure that companies avoid the tailspin of innovation lock-in by instilling mindsets and practices that lead to regenerative business strategies with a foundation of continuous innovation. He calls on corporate leaders not to fear marketplace disruptions, but to actually embrace them - instigate disruptions if possible - and use this "creative destruction" force to keep the competition off-balance and keep their own organizations both agile and substantially more profitable over time.
   
   - Peter G. Balbus, Innovation Expert and Managing Director, Pragmaxis LLC



2. This book was extremely enlightening. It was well-researched, thoughtful and easy-to-read. Hartung's points are so well supported by sources or case studies, they cannot be disputed. The advice seems refreshingly common-sense, but he establishes principles never quite put into these straightforward words.
   
   For anyone reading this book, it should resonate for years, affect career choices and feed decision-making. One can't help but want to avoid Defending and Extending and embrace disruption based on the compelling case Hartung makes.
   
   I highly recommend this book for anyone looking for a perspective on business today, regardless of title or function.



3. Adam Hartung has set the pace for enterprise renewal with this phenomenal book. It is simply an incredible blockbuster that belongs beside all truly great works from insightful business strategists. I have rarely enjoyed a book as much as this one and I read dozens a year. Well written, succinct, and prescient - this book's insights will not disappoint you unless you fail to heed their wisdom. Trust me, let your competitors make that mistake and remember Napoleon's advice - "Never interrupt the enemy when he is making a mistake." Hats off to Mr. Hartung and sound the well-deserved applause - this should be business book of the year. It's just that good.



4. Of the companies in the 1957 S&P 500 list, only 39 survived into 1987, and only 2 maintained above average rates of return.
   
   As Adam Hartung puts it, companies rarely make the transition from one technology to another because of what he calls Lock In. They believe that the system that made the company revenue in the past will continue to make revenue if they just improve the system incrementally. That keeps resources focused on the same old product line, ignores competition and effectively prunes new ideas. Success becomes defined as continuing to do what you always did, and that actually becomes more important to the company than revenue growth!
   
   Fortunately, Adam doesn't stop there. He succinctly describes how to counter Lock In, and remain on the growth curve.
   
   Only those companies that give their managers permission to violate Lock In, funding them adequately to try new things, make the transition, and survive, even thrive. Will you be in one of those companies?



5. This book takes a much more realistic approach to business life-cycles. Mr. Hartung has taken a fresh look at the way a business should view their stages of growth and learn how to look out for the stages that take you down a path that may be impossible to get out of -- Very relevant for our recent economic state.

No comments about Modern Financial Macroeconomics: Panics, Crashes, and Crises.

5 comments about Macroeconomics - 5th Edition.

1. If Prof. Barro have time, having a more advanced level book (i.e., with more rigorous math treatment) written would be highly appreciate.

   Law Ka Chung




2. If you want "zero government free-market" philosophy, read R.J. Barro's book. As a member of the conservative Hoover Institution he contaminates every single of his books (this is no exception) with his "religious beliefs".

   If you want a good book on Macroeconomics, I'd suggest Krugman's instead (or perhaps in addition to this, to compare viewpoints).

   Paul Krugman is much more balanced than Mr. Barro. Don't believe me? get both books and judge for yourself. Krugman's book is available at:

   http://www.amazon.com/exec/obidos/ASIN/0321033876/




3. If you are an economics major and you do not know this book, buy it and read it. The market-clearing approach is the approach. Strong microfoundations, rational agents and a dynamic setting. And it is presented in an intuitive, elegant, and clear way with the aid of ingenious diagrams. It is one of those pieces that are introductory and advanced at the same time. It is rather unfortunate that most undergraduate textbooks do not follow the modern approach. Even worst, they do not teach thinks like the labor/consumption choice, savings and capital accumulation, Lucas island's model, public debt sustainability, current account as an intertemporal phenomenon, etc. Once you learn this approach well, macroeconomics will no longer be a headache for you and you will be ready to master more advanced materials. The only major shortcoming in Barro's book is that, despite it is in the 5th edition now, it has scarcely changed. Other have unsuccessfully tried to do this (Krugman, Farmer, and Sachs-Larrain). By the way, there is now in the market another book that heavily relies on the same approach and is a just a little bit more advanced and extends the approach to a few more topics(bank runs, for instance): Stephen Williamson's Macroeconomics. If you are an undergraduate, you shall have both Barro's and Williamson's books. You will not regret it if you later find yourself in graduate shcool. Finally, I agree with a former reviewer that an intermediate, more matemathically oriented, presentation of the approach is urgently needed. Fortunately, I do not really need it, but I feel confident that it will not take long for somebody to come up with a more technical presentation. However, after Barro's exposition, I wonder if one really needs the mathematical intrications. That is actually the beauty of the book.



4. I love this book. Barro's macroeconomics is specific and makes sense about the phenomenon of today's society.



5. Barro's text has been unfairly criticized as not being mathematically rigorous enough. However, it has established itself as the standard text at all of America's top colleges - Harvard, Chicago, MIT, et al. - by relying on non-proprietary, supplementary, calculus driven texts written specifically to dovetail to its lucid and primarily social scientific, algebraic presentation. An excellent complement in this vein (and free!), is `Macroecomics' by Matthias Doepke, Andreas Lehnert, and Andrew Sellgren (often abbreviated DLS), developed during Doepke's and Lehnert's doctoral studies at Chicago. A mere google search of their names will turn up copies of the text. When assigned in connection with Barro throughout, its provides a mathematically rigorous, foundationally micro driven, market clearing presentation of modern macroeconomic theory for students whose have a solid grasp of differential calculus. The text would also seem to work well for individuals who want to largely avoid calculus while gaining a deeper understanding of macro theory beyond the introductory level.

1 comments about Macroeconomics.

1. I am very disappointed in this text. Am using it at a jr college for intro macro (also using same author for intro micro). The material is presented in a confusing way, often omitting important details, and I find the author's "conversational" tone to be condescending... especially when making references to "those of you who just don't get math" and similar phrases to the student...
   I bought and use Mankiw's texts to quickly and accurately learn the material taught in both of my classes, and only refer to Colander's texts to ensure I'm studying the corresponding Mankiw chapters for upcoming exams. I'm easily achieving 100% on graded Aplia assignments and averaging 95% on all exams so far in both classes, thanks to Mankiw's clear, precise, and accurate texts. Meanwhile, my classmates who are using only Colander's texts are really struggling to learn the material needed to be successful in both classes (micro & macro).
   I do not understand the popularity of this author - Mankiw's my author of choice to achieve an easy, excellent grade while actually learning the course material.

No comments about Macroeconomics.

5 comments about The Well Timed Strategy: Managing the Business Cycle for Competitive Advantage.

1. I love this book. Being a contrarian by nature, I enjoy this way of examining the business cycle for the best strategic moves that often use moving AGAINST the obvious move of the trend. While this is often the correct move, it is oftentimes exceedingly difficult to see and even harder to time just right. Still, the rewards can be great when it can be pulled off.
   
   The book draws on real life examples for the things that work and the things that did not work. The author has a concept of the Master Cyclist (meaning a master of the business cycle) versus a reactive cyclist who always seems to be getting into trouble by doing the wrong thing and too late. The old saying that one shouldn't confuse a bull market with management skill holds true here. It is understandable that people tend to stick with what they THINK made them successful until it is too late, but we shouldn't applaud them for it either.
   
   Another issue about being a Master Cyclist and especially for those times when going against the trend of the majority, is that what the majority trend is tends to change. So, a successful method tends to breed copies, so the way to counter-punch also changes.
   
   Peter Navarro uses the image of a bicycle wheel with the spokes dividing it into a six slice pie to present his points. The six slices the Master Cyclist must master are: Capital Expenditures, Acquisitions & Divestitures, Human Resources Management, Production & Inventory Control, Marketing & Pricing, and Risk Management.
   
   Obviously, not all these topics matter in every situation or for every business. But the Master Cyclist understands which matter and when they matter. He knows when to acquire cash and lower debt. She knows when acquisitions, no matter how attractive strategically, are not worth the price. He knows when to add staff and cherry pick talent from the competition when the competition is shedding staff. She knows how to manage capacity and inventory to not get caught short as things take off and to knot let inventory build up that is not only eating up cash, but is becoming obsolete. She knows how to price for market share and profit and to not pretend they can set prices when they are really are price taking enterprise. And especially, he knows how to manage risk in the best way so that price swings in core commodities don't eat up profits, and when profits are at risks from exchange rates.
   
   This is a very fine book and I recommend it for anyone interested in corporate strategy. It isn't just about doing the right thing, it is also about doing the right thing at the right time and to the right degree. Pulling that off more than once is evidence of real management talent. The only thing I would encourage you to do is to dig into the illustrative stories provided in the book to be sure you understand ALL the details. You know what is in the those pesky little facts....



2. I always enoy those shows on televiion where people are predicting the future. The overwhelming tendency is for the forecasters to predict that the future is going to continue about what it's doing now. If we're in a recession, they see nothing that looks like it's going to pull us out of the recession. If we're in a boom, the general consensus is that we are just starting a boom and that there's nothing that looks like it means the end of the boom.
   
   Instead we have a lot of evidence that whatever is going on will change. Boom cycles, bust cycles happen. Most companies, it seems, ignore any idea at all of a long term trend. This quarter is down, fire people (really good for morale), cut back everything you can. This quarter is up, try to expand like crazy, making up for lost time -- just in time for the next down turn.
   
   Dr. Navarro understands the business cycle and in this book explains the cycle that business follows with special attention to people, production, credit and so on.
   
   Then there's a chapter on forecasting tools. Knowing what to do is a lot easier if you know what the future holds. Here the model shows weakness. There are a lot of stories about companies that guess right, or wrong about the future. Predicting the future however reminds me of the old saying: 'Predicting the future is easy, it's being right that's hard.'



3. "The Well-Timed Strategy" can be applied to you, your company, and your investing. This is a very informative, practical, and useful book that deserves a lot more attention. There's a lot of variety that's relevant and each chapter can be read in the order you choose. The index is very useful to go straight to the topic or concept, also.
   
   Many specific examples and companies are noted, such as Xilinx, Nucor, United Airlines, Intel, Lowe, Soho China, Dupont, Labor Ready, South West Airlines, FedEx, IBM, Cemex from Mexico, the United Airlines Contract, and many more.
   
   One of the many useful points in "The Well-Timed Strategy" is hiring through the the different economic cycles. Tapping the best available talent and also securing the best deal. Here is a paraphrase from page 73: A "Reactive Cyclist" keeps hiring employees at premium wages into the late stages of economic expansion. When the recession emerges they start massive layoffs which often leads to other employees leaving because of low morale. The Master Cyclist use a variety of means at this stage to avoid to pit-falls and also retain talent.
   
   At the bottom of the recessionary trough the labor pool will be deepest and wage pressures least. This is the time to hire the most talented employees at bargain wages (Navarro, 73). By "Cherry Picking" this Master cyclist maintains a solid competitive advantage in getting a skilled and talented workforce and lower labor costs (Navarro, 73).
   
   Spending throughout the cycles:
   Be watchful of too much capital expansion during boom times. A concept referred to as "build the empire syndrome." This creates large cash flow needs. Revenue may fall. Cut back when a recessions seem imminent. The Master cyclist will engage in capital expenditures during a recession, to be ready for new innovation when the recovery begins (Navarro, 37).
   
   A good detailing of diversification is covered. Once case study is IBM vs. Hewlett-Packard. IBM is diversifying into such areas as outsourcing, web hosting, and services, why HP remain in computer hardware.
   
   There are many well-chosen quotes by known industry leaders, and they are edited to fit perfectly with the chapter and topic at hand, to augment the point Peter Navarro is making. (Even Robert Frost's "Road Not Taken" gets a plug.)
   
   The constant array of natural and human-made events affect the cycle and influence what needs to be done and what is, actually done. The concept of "Chaos Theory," when a butterfly flaps its wings in China it causes a metaphorical typhoon half-way around the world. El Nino affects coffee and cocoa prices, Tsunamis in South East Asia cause increased demand for medicines to counter the resulting epidemics of cholera and typhoid. A massive earthquake in Taiwan drives up semi-conductor prices. "If it's raining in Brazil, buy Starbucks." The chicken restaurant 'El Pollo Loco' acted swiftly when they foresaw a drought in Australia and the simultaneous mad cow threat hit. They knew the price for beef would increase, followed by chicken, so secured fixed priced contracts before the price spikes (Page 176). Oil prices, Terrorism, disease, war, foreign government subsidies, and many other are listed.
   
   "The Well-Times Strategy" is Well-rounded, useful book. The index is is excellent.



4. This handy, concise compendium offers managers a series of tips on managing through changing business cycles, and illustrates its advice with intriguing actual cases. The book originated in the five-year "Master Cyclist Project," launched to teach business-cycle management to MBA students at the Paul Merage School of Business at the University of California in Irvine. Author Peter Navarro's lively evidence shows managers who take the right steps but at the wrong times and, thus, invariably meet ill fortune. He also shows managers taking steps that conventional wisdom regards as foolish (e.g., upping advertising during recessions) and meeting with invariable success. It may seem just a bit too neat. But, even if you don't agree with every detail of this analysis, the book's cases are strong and its underlying principles are sound. Ride the business cycle or it will ride you. Just as a contrarian investor buys in bad times and sells when times are soaring, so the counter-cyclical manager invests during bad times and spends cautiously during the good. We recommend this book as a useful antidote to groupthink.



5. There are plenty of business books that tell you *what* to do and *how* to do it, but few which talk about *when*. That's the key difference in Peter Navarro's The Well Timed Strategy: Managing the Business Cycle for Competitive Advantage. By understanding the timing of business cycles, a business person can make moves that position them well for the coming up- or down-tick in the economy.
   
   Contents: Strategies and Tactics of the Master Cyclist Executive; Countercycling Your Capital Expenditures; The Acquisitive Master Cyclist Buys Low and Sells High; The Art of "Cherry Picking" and Other Well-Timed Tactics of the Human Resource Manager; "Macromanaging" Your Production, Inventory, and Supply Chain; Master Cyclist Marketing Through the Business Cycle Seasons; Pricing the Cycle and Managing Credit and Account Receivables; Proactive Profiting from Oil Price Spikes, Interest Rate Hikes, and Exchange Rate Risks; When You Can't Beat the Business Cycle, Hedge Its Risks!; Surviving - and Prospering from - the Economic Shocks of War, Terrorism, Drought, and Disease; The Master Cyclist's Favorite Forecasting Tools; Concluding Thoughts; The Master Cyclist Project's Treasure Trove of Data and All-Star Team; A Business Cycle Primer; Notes; Index
   
   Navarro argues that a close examination of the business cycle (becoming a Master Cyclist) can help you make the right choices for your business in terms of when to do certain things. Based on economic forecasting tools (covered near the end), it's possible to have a better than average view into where the economy is headed, whether it's a recession or an expansion. These indicators, when followed, almost appear to make you look like a bit of a contrarian. If a booming economy has signs of an oncoming recession, the cyclist will take actions like dramatically cutting back on capital expenditures. Most other businesses will still be spending like there's no tomorrow. But when the economy turns, these spending companies are caught with large debt payments with high interest. The cyclist, however, is sitting on a pile of cash at a time when cash flow is king. Continuing to follow the indicators can show when the recession is starting to ease. The spending companies are all cut to the bone at that point, while the cyclist is able to start expansion with little competition and cut-rate pricing. Same with advertising... Spending on advertising at the peak of the recession can often be more effective as everyone else has cut their ad budgets. Fewer voices, more visibility. Then when the economy turns, guess who has mind share heading into the recovery?
   
   I think the points made here are very valid and bear consideration. I will admit to thinking on more than one occasion that "hindsight is 20-20" when reading some of his examples. Granted, many of the bone-headed moves *were* just plain ill-advised and stupid. But at the time, you don't have the luxury of knowing how the story turns out. Also, many of the company demises outlined here are presented in such a way that it makes it look as if there was a single reason for the collapse. In reality, company failures are normally a combination of things, not just a single failure to do (or not do) something. In any case, the point remains that there are economic signals available to executives that are more often right than wrong. Ignoring them because you have a hunch or you've been reading your own press releases doesn't usually turn out to your advantage.
   
   This is an interesting book to add to your business bookshelf, and it can definitely help you chart your course in these strange economic times...