Class 1 87
corp. exectutive is agent of owner
only function of management is to make as agents do what principles want-- which
much money as possible for shareholders. typically: maximize returns
must obey law & ethical customs
argue: in a free enterprise system, "social
responsibility of business" is to inc profits
Milton Friedman
Business can't have
only ind do
responsibilities/conscience
executives can only be socially responsible
only as principle, NOT as agent
as an private individual
Corporate social responsibility in practice:
CSR acts like taxation
executive take actions not in shareholders interest
purpose directs behavior and motivates
purpose of business firm should run around clear purpose & the high preformance
long term health of enterprise.
profit is necessary, but not the prupose
shareholder value or profit max. is
old rule
organizing principle of corp
Business serve many obectives beyond
new rule
shareholder value
Judy Samuelson Merck: sometimes doing smt that doesn't
protect company identity, kept creators
make money can be smart
Valeant: chasing shareholder value wrong
examples
way actually destroyed the company
Boeing: when winning became purpose,
lose trust
managers have a duty to serve the interests of the business or
what keeps company healthy and able to
organization, which is not the same thing as maximizing interest of business/org
operate longterm
shareholder wealth.
humanity in gen. benefits from full recognition
of the humanity of women anf the dev. of their
reason and moral capacity
w/o education, they can't become truly
argues for the education & equal virtuous, independent, moral agents
civil/political rights for women
women hae reason & moral sensibility just
like men
class 2 w/o edu, unjust & harm society
if not; block progress of knowledge
women education benefit everything
if want patriotic/virtuous children, mother
Mary Wollstonecraft
must also understand
deny women rights as form of tyranny
Men claim freedom bc they can judge own happiness;
inconsistent to deny women same freedom if they also have
Purpose of business education reason
fix: remove coercion & make law more equitable --> marriage
and family life healthier as women gain legitimate rights
Washington 9
Dubois 8
Ppl working tgt create value
something from nothing
Core managerial tast is to guide value
creation
naming & communicating brings meaning
Words make worlds
and value into being
material; ethical; aesthetic
Different kinds of value created by working
for oneself
tgt
Lecture
Value for whom? for ones team
for one's organization & community
principle delegate work to agent
desires or goals of principle and agent may
conflict
principal and agent may have diff attitudes
Principle agent problem Issue;
towards risk
it is difficult for the principal to verify what
the agent is actually going
monitoring and incentives for outcomes (carrots and sticks) are
supposed to align the interest of the principals and their agents
mbti 11
class 3
Four I's Ideas, institutions, interactions, individuals
what most people do
descriptive norms(do)
motivate by providing evidence of what will
likley be effective and adaptive action
what most ppl approve or disapprove
injunctive norms(ought)
Motivates by promising social rewards and
informal sanctions (punishments)
self based standards or expectation--VALUES
Class 4
motivate through the anticipation of self
Personal norms(values)
enhacement or self deprecation
influenced by culture etc
ppl & teams in env that aligns w their
personal values
resources and instutional support available
Benefits greatest when
fr ppl to have agency to implement changes
when self affirmation of values occur at key
transitions or stressful events
company used ISAs (income share
agreements) to sell a compelling "pay only
after hired" story
delivered week edu. outcomes, structured
overview contacts to still collect money which
harmed vulnerable students
Used false incentive alignment, frame ISAs contracts & financing meant company could
as we are paid only if you are paid still monetize in weak plaement!
Founder Allred painted as a "underdog
Y combinator + Paul graham boost
founder", SM marketing & rapid VC
storytelling: critics as haters
fundraising/storytelling
ISA doesn't work; not both student friendly
& financially viable
Model is fallable
model cannot scale profitably while
maintaining quality
Product didn't match promise
Investors primed to believe college is
broken; overweigh founder storytelling &
growth over verifiable outcomes Product quality bad: cohort too large, weak training quality, support, job placement
instructor, reliance on peers, inadequate outcomes are inconsistant & uncomparable
Class 5 Reading career support. to CS degree
response to weak placement wsn't to
backfired reputaionally & worsened
improve training but workarounds w low
economics
paid internship.
mainipulate outcome-- made placement
stats look good
Information Assymetry
cherry picking success stories & unreliable
samples
Harm concentrated on financially
used NDA to reduce accountability
vulnerable students.
Regulation & legal structure
changes in regulation & legal structure to lamba framed ISAs as loans and credit
force clarity on what ISAs are! products
Lamba's differentiation was online scale +
ISA financing, but scaling forced cost cutting
Scaling vs quality tradeoff
threatens their core value proposition
(instruction & career outcomes)
John Locke 11 one side
Andrew Carnegie 8
private property is contrived
land given by god, ours to live upon, but no-
one owns the land
Cheif Joseph
US claim of purchase relied on bad
Nez perce are fully human & good faith, but consent/9pressure, gifts, unauthorized
Class 6: who owns what US used coercive and unauthorized treaties signers)
& unequal enforcement of law to take their
land taking presents framed as accepting
consent is manufactured
payment for land
John Ruskin 14 one side
Jack brittain & Alex brittain
UGBA10
2
Michael sandel 8
R H Tawney 20
Reading 1 24
Reading 2 20
ownership goes beyond physical property
into ideas and concepts
ownership has important impacts on the
self which influence how we determine a
fair distribution of wealth
inference/feeling that object is yours
Class 7 physically holding object
Perceived control
happen immediately when we possess smt
greater psych. ownership if own it longer,
Psychological ownership invested their labor in its creation, or paid
money for it
self investment
ppl exhibit greater psych. ownership for
good if self is involved
ppl exhibit greater psych ownership for a
intimate knowledge
good if they are more familiar w it
who owns what? Psychological take
Veil of ignorance
Inequality
when we have more, it becoems harder to
see inequalities
Ownership as an universal social rule,
recognize legitimate tranfers liek gifts, but
rejecting ownership claims based on theft
Psych ownership differs from legal
ownership
We have strong intuitions ab why ppl own
things
ownership creates value but can cost ppl
and society
We can be biased in how we see disparities
in ownership
Ability to attribute mental states (beliefs, intents, desires, knowledge) to
oneself and understanding that others have thoughts and perspectives
different from one's own.
enhances empathy, balanced emotional response, pro-social behavior,
Perspective taking
conflict resoltuion; reduce egocentric biases,
empathy w/o perspective taking leads to and responding based on personal
over-identifying w others emotions asumptions
Stages of development
Theory of Mind & Developmental
trajectory
Stakes are high
Emotions are strong
Opinions vary
Class 8: Perspective taking Difficult conversations
include multiple layers in one talk; truth,
identity, emotions
We can feel sense of psychological ownership of our
perspectives (Esp w more self investment, intimate knowledge, or
perceived control)
The more psych. ownership we feel, the
psychological ownersip & perspective more likley perspective taking conversation
taking will include the truth, identity & feelings
conversation
This can negatively impact willingness to
consider others POV and active self
enhancement response
Engaging in difficult conversations
recognize there are multiple conversations--
Take away truth. identity, emotions, within the convo
that benefit from perspective taking &
empathy
Goods are desired for the prestige they Veblen 17
convey:
-desire for social status & push by producers
to have us consume more Galbraith 13
Foundation 3: Who wants what Marx 17
and why?
small luxeries can reawaken self that
Wealth is transformative not just of social poverty crushed
relationships but the self
consumer goods can function like identity
Transformation through appearance;
Chopin
respect is social
shows how consumption is often ab social
standing, respectability, not comfort
Need for items sparked by sensory
contact --> proves how desires can be
triggered externally not internal!
class 10-psychological take 38
Opening day at darwin 44
Hedonic adaption
loss aversion
Demand Vs Want
identity spending
social comparison
Business Foundation 4: 49
Who owes what to whom?
Psychological take: who owes 38
what to whom
Business foundation 5 59
Interdependent, interactive, common goal
generating positive synergy through
corrdinated effort
Effective Team
level of performance one would expect
Potential Performance
given capabilities of the individual members
inc in preformance from effective
Process gains
corrdination and motivation
performance difficulties due to
Process losses
coordination and motivation problems
as team get larger:
resource inc, coordination problem inc,
sense of team hard to maintain, social
loafing more likely
Smaller usually better
Prevent social loafing: Set group goals, inc
intergroup competition, peer evaluations,
select members thats motivated to work tgt
Forming: dev trust, team goals, shared
expectations
storming: adress differences, recognize how
Tuckmans five stage model of group dev
to manage differences
Psychological take: who does
what and why work together Norming: rec & agree ways to work tgt,
strengthen relationship, solidify obligations
Performing:work toward project
completion, actively help
Adjourning: Learn from expereience,
feedback to improve
personal, emotional, interpersonal
disagreements
Consumes cognitive bandwidth (people
focus on managing emotions, not the task)
Reduces openness and receptivity to
Relationship conflict (wrong type)
suggestions
Absorbs time and energy that should go
toward the task
Reinforces negative attributions (“they’re
difficult”),escalating conflict
disagreement on task & how work is done
diff. viewpoints on process, decisions,
strategies
task is simple, routine. extra disc. add little
value
Process loss
team lack norms that allow constructive
Task conflict ("right type of conflict") debate
Norms of openness and psychological safety
Building process gains and avoiding process are in place
losses
Task requires sharing information,
expertise, or diverse perspectives
(e.g., learning a tool someone else
Process gains
Types of conflict understands well)
Task is non-routine and benefits from
multiple viewpoints (e.g.,
ranking survival items, solving ambiguous
cases)
established through discussion, habit,
acceptable standards of bheavior
events, feedback
Conformity rises up to 4 people, then levels
Group size, up to a point
Norms off (teams of 5+,
Conformity drops if there’s another
Group unanimity
dissenter, even if the dissenter is wrong
Bad when leads to conformity
Conformity rises when majority is
Group expertise
perceived as expert
Collectivistic vs. Individualistic norms More conformity in collectivistic cultures
Glue that holds teams together. The degree
group members feel like a team, forge real
connections, motivated to stay in group
Small groups
Cohesiveness
Group goals (more specific better than
vague)
factors to cohesiveness Time spent together, frequency
Competition with other groups; success
Group-level rewards
Similarity
Preventing groupthink
corp. exectutive is agent of owner
only function of management is to make as agents do what principles want-- which
much money as possible for shareholders. typically: maximize returns
must obey law & ethical customs
argue: in a free enterprise system, "social
responsibility of business" is to inc profits
Milton Friedman
Business can't have
only ind do
responsibilities/conscience
executives can only be socially responsible
only as principle, NOT as agent
as an private individual
Corporate social responsibility in practice:
CSR acts like taxation
executive take actions not in shareholders interest
purpose directs behavior and motivates
purpose of business firm should run around clear purpose & the high preformance
long term health of enterprise.
profit is necessary, but not the prupose
shareholder value or profit max. is
old rule
organizing principle of corp
Business serve many obectives beyond
new rule
shareholder value
Judy Samuelson Merck: sometimes doing smt that doesn't
protect company identity, kept creators
make money can be smart
Valeant: chasing shareholder value wrong
examples
way actually destroyed the company
Boeing: when winning became purpose,
lose trust
managers have a duty to serve the interests of the business or
what keeps company healthy and able to
organization, which is not the same thing as maximizing interest of business/org
operate longterm
shareholder wealth.
humanity in gen. benefits from full recognition
of the humanity of women anf the dev. of their
reason and moral capacity
w/o education, they can't become truly
argues for the education & equal virtuous, independent, moral agents
civil/political rights for women
women hae reason & moral sensibility just
like men
class 2 w/o edu, unjust & harm society
if not; block progress of knowledge
women education benefit everything
if want patriotic/virtuous children, mother
Mary Wollstonecraft
must also understand
deny women rights as form of tyranny
Men claim freedom bc they can judge own happiness;
inconsistent to deny women same freedom if they also have
Purpose of business education reason
fix: remove coercion & make law more equitable --> marriage
and family life healthier as women gain legitimate rights
Washington 9
Dubois 8
Ppl working tgt create value
something from nothing
Core managerial tast is to guide value
creation
naming & communicating brings meaning
Words make worlds
and value into being
material; ethical; aesthetic
Different kinds of value created by working
for oneself
tgt
Lecture
Value for whom? for ones team
for one's organization & community
principle delegate work to agent
desires or goals of principle and agent may
conflict
principal and agent may have diff attitudes
Principle agent problem Issue;
towards risk
it is difficult for the principal to verify what
the agent is actually going
monitoring and incentives for outcomes (carrots and sticks) are
supposed to align the interest of the principals and their agents
mbti 11
class 3
Four I's Ideas, institutions, interactions, individuals
what most people do
descriptive norms(do)
motivate by providing evidence of what will
likley be effective and adaptive action
what most ppl approve or disapprove
injunctive norms(ought)
Motivates by promising social rewards and
informal sanctions (punishments)
self based standards or expectation--VALUES
Class 4
motivate through the anticipation of self
Personal norms(values)
enhacement or self deprecation
influenced by culture etc
ppl & teams in env that aligns w their
personal values
resources and instutional support available
Benefits greatest when
fr ppl to have agency to implement changes
when self affirmation of values occur at key
transitions or stressful events
company used ISAs (income share
agreements) to sell a compelling "pay only
after hired" story
delivered week edu. outcomes, structured
overview contacts to still collect money which
harmed vulnerable students
Used false incentive alignment, frame ISAs contracts & financing meant company could
as we are paid only if you are paid still monetize in weak plaement!
Founder Allred painted as a "underdog
Y combinator + Paul graham boost
founder", SM marketing & rapid VC
storytelling: critics as haters
fundraising/storytelling
ISA doesn't work; not both student friendly
& financially viable
Model is fallable
model cannot scale profitably while
maintaining quality
Product didn't match promise
Investors primed to believe college is
broken; overweigh founder storytelling &
growth over verifiable outcomes Product quality bad: cohort too large, weak training quality, support, job placement
instructor, reliance on peers, inadequate outcomes are inconsistant & uncomparable
Class 5 Reading career support. to CS degree
response to weak placement wsn't to
backfired reputaionally & worsened
improve training but workarounds w low
economics
paid internship.
mainipulate outcome-- made placement
stats look good
Information Assymetry
cherry picking success stories & unreliable
samples
Harm concentrated on financially
used NDA to reduce accountability
vulnerable students.
Regulation & legal structure
changes in regulation & legal structure to lamba framed ISAs as loans and credit
force clarity on what ISAs are! products
Lamba's differentiation was online scale +
ISA financing, but scaling forced cost cutting
Scaling vs quality tradeoff
threatens their core value proposition
(instruction & career outcomes)
John Locke 11 one side
Andrew Carnegie 8
private property is contrived
land given by god, ours to live upon, but no-
one owns the land
Cheif Joseph
US claim of purchase relied on bad
Nez perce are fully human & good faith, but consent/9pressure, gifts, unauthorized
Class 6: who owns what US used coercive and unauthorized treaties signers)
& unequal enforcement of law to take their
land taking presents framed as accepting
consent is manufactured
payment for land
John Ruskin 14 one side
Jack brittain & Alex brittain
UGBA10
2
Michael sandel 8
R H Tawney 20
Reading 1 24
Reading 2 20
ownership goes beyond physical property
into ideas and concepts
ownership has important impacts on the
self which influence how we determine a
fair distribution of wealth
inference/feeling that object is yours
Class 7 physically holding object
Perceived control
happen immediately when we possess smt
greater psych. ownership if own it longer,
Psychological ownership invested their labor in its creation, or paid
money for it
self investment
ppl exhibit greater psych. ownership for
good if self is involved
ppl exhibit greater psych ownership for a
intimate knowledge
good if they are more familiar w it
who owns what? Psychological take
Veil of ignorance
Inequality
when we have more, it becoems harder to
see inequalities
Ownership as an universal social rule,
recognize legitimate tranfers liek gifts, but
rejecting ownership claims based on theft
Psych ownership differs from legal
ownership
We have strong intuitions ab why ppl own
things
ownership creates value but can cost ppl
and society
We can be biased in how we see disparities
in ownership
Ability to attribute mental states (beliefs, intents, desires, knowledge) to
oneself and understanding that others have thoughts and perspectives
different from one's own.
enhances empathy, balanced emotional response, pro-social behavior,
Perspective taking
conflict resoltuion; reduce egocentric biases,
empathy w/o perspective taking leads to and responding based on personal
over-identifying w others emotions asumptions
Stages of development
Theory of Mind & Developmental
trajectory
Stakes are high
Emotions are strong
Opinions vary
Class 8: Perspective taking Difficult conversations
include multiple layers in one talk; truth,
identity, emotions
We can feel sense of psychological ownership of our
perspectives (Esp w more self investment, intimate knowledge, or
perceived control)
The more psych. ownership we feel, the
psychological ownersip & perspective more likley perspective taking conversation
taking will include the truth, identity & feelings
conversation
This can negatively impact willingness to
consider others POV and active self
enhancement response
Engaging in difficult conversations
recognize there are multiple conversations--
Take away truth. identity, emotions, within the convo
that benefit from perspective taking &
empathy
Goods are desired for the prestige they Veblen 17
convey:
-desire for social status & push by producers
to have us consume more Galbraith 13
Foundation 3: Who wants what Marx 17
and why?
small luxeries can reawaken self that
Wealth is transformative not just of social poverty crushed
relationships but the self
consumer goods can function like identity
Transformation through appearance;
Chopin
respect is social
shows how consumption is often ab social
standing, respectability, not comfort
Need for items sparked by sensory
contact --> proves how desires can be
triggered externally not internal!
class 10-psychological take 38
Opening day at darwin 44
Hedonic adaption
loss aversion
Demand Vs Want
identity spending
social comparison
Business Foundation 4: 49
Who owes what to whom?
Psychological take: who owes 38
what to whom
Business foundation 5 59
Interdependent, interactive, common goal
generating positive synergy through
corrdinated effort
Effective Team
level of performance one would expect
Potential Performance
given capabilities of the individual members
inc in preformance from effective
Process gains
corrdination and motivation
performance difficulties due to
Process losses
coordination and motivation problems
as team get larger:
resource inc, coordination problem inc,
sense of team hard to maintain, social
loafing more likely
Smaller usually better
Prevent social loafing: Set group goals, inc
intergroup competition, peer evaluations,
select members thats motivated to work tgt
Forming: dev trust, team goals, shared
expectations
storming: adress differences, recognize how
Tuckmans five stage model of group dev
to manage differences
Psychological take: who does
what and why work together Norming: rec & agree ways to work tgt,
strengthen relationship, solidify obligations
Performing:work toward project
completion, actively help
Adjourning: Learn from expereience,
feedback to improve
personal, emotional, interpersonal
disagreements
Consumes cognitive bandwidth (people
focus on managing emotions, not the task)
Reduces openness and receptivity to
Relationship conflict (wrong type)
suggestions
Absorbs time and energy that should go
toward the task
Reinforces negative attributions (“they’re
difficult”),escalating conflict
disagreement on task & how work is done
diff. viewpoints on process, decisions,
strategies
task is simple, routine. extra disc. add little
value
Process loss
team lack norms that allow constructive
Task conflict ("right type of conflict") debate
Norms of openness and psychological safety
Building process gains and avoiding process are in place
losses
Task requires sharing information,
expertise, or diverse perspectives
(e.g., learning a tool someone else
Process gains
Types of conflict understands well)
Task is non-routine and benefits from
multiple viewpoints (e.g.,
ranking survival items, solving ambiguous
cases)
established through discussion, habit,
acceptable standards of bheavior
events, feedback
Conformity rises up to 4 people, then levels
Group size, up to a point
Norms off (teams of 5+,
Conformity drops if there’s another
Group unanimity
dissenter, even if the dissenter is wrong
Bad when leads to conformity
Conformity rises when majority is
Group expertise
perceived as expert
Collectivistic vs. Individualistic norms More conformity in collectivistic cultures
Glue that holds teams together. The degree
group members feel like a team, forge real
connections, motivated to stay in group
Small groups
Cohesiveness
Group goals (more specific better than
vague)
factors to cohesiveness Time spent together, frequency
Competition with other groups; success
Group-level rewards
Similarity
Preventing groupthink
