Lawrence Klein Econ 490 fall 2019

According to Bolman and Deal in “Reframing Organization”, there are several team configurations: One Boss, Dual Authority, Simple Hierarchy, Circle Network, and All-Channel Network. Each team configuration has benefits and weakness. The top authority of organization would choose one configuration that would work best for them, since team configuration has a great impact on team's success and each members' authorities and responsibilities.  It is quite sad for me to say that I do not have been part of a successful team in my college experience. It might because I haven’t worked or interned in some companies which are usually highly structured organizations. When I took ECON 460 (Financial Economics) at U of I, I had to work with four other students who are taking the course for group project. We had to analyze the payout policies for the certain firm, recommend a better payout policies, and present it to classmates and the professor. Our team configuration is All-Channel Ne...

Opportunism is “taking advantage of circumstances”. With the definition of opportunism, one would think that “wise” people would act opportunistically since it is an additional benefit for them. However, there are some people who don’t act opportunistically because they would want to be a “good citizen” or their opportunistic action is considered unethical. In class, we discussed an example of being a “good citizen.” Good citizens (students) would help students who are enrolled later in the course to figure out what is going on in the class since they have been in class from the beginning, and they know what is going on in the class. That action is not required but as a good citizen, students would help others to get caught up in the class. Also, voting is an example of good citizen’s behavior. Voting for presidential election isn’t required but good citizen would vote and express one’s thought for the better society. Taking advantage can be considered unethical in a sense of...

As most U of I students are involved in RSO, I was also actively involved in RSO called KCC since I was Freshman. KCC stands for Korean Cultural Center and the goal of this RSO is to promote Korean culture to people in and out of the campus. KCC has several leadership positions available for the members; there are president, vice president, and 5 team leaders. The term for president and vice president for this organization is restricted to one year. So, I have seen some changes in organizational structure over the past three years in this organization. When the president and vice presidents change, there will be new team leaders that are selected by new president and new vice president. Then, team members will be selected by team leaders. Regular team members have to reapply for becoming a member in KCC every semester, and they will write application form online and have interview with all members in leadership position. In my first year in KCC, I was in media team. Our team memb...

  Lawrence R. Klein is an influential American economist in the history. He was born in September 14, 1920. He studied in University of California, Berkeley (B.A), Oxford University (M.A.), and MIT (Ph.D.).  He was the one who initially developed macroeconomics models. He also got a Novel Memorial Prize in Economic Sciences for making computer  models to forecast business fluctuations and economic policies. Not only he was acknowledged by many economists regarding his research works, but also he was an active and powerful professor in many prestigious universities such as University of Pennsylvania and University of Chicago. He was called Benjamin Franklin professor in University of Pennsylvania, where he taught Economics from 1958 to 1991. After he retired from his teaching, he kept researching. And, he was the president of the American Economics Association and created various Economics institutions to further help studying and researching in economics.  ...

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