The Business of Economics

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Kay seemingly only offers the scholarly proposition that scientific economic principles can and should be applied to management, but this book will attract a wider audience because of who the author is and his unabashedly provocative arguments. Besides running a well-regarded consulting firm, Kay left the London School of Economics to bring management studies to staid Oxford University, where business is not universally considered to be an appropriate pursuit. To complicate the issue, Kay has agreed to accept a $31 million donation from a Syrian-born arms dealer for the construction of a building for the school, and he is a major adviser to Tony Blair, Britain's opposition Labor Party head. This book is a collection of his newspaper columns as well as essays, lectures, and more scholarly articles. These individual pieces have been combined to make a rather coherent argument, one that suggests that microeconomics ("the study of markets, industries, and firms") should take priority over macroeconomics ("the analysis of monetary and fiscal policies") in the study of management.

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