558. Betrayal in academia.
At a given university, I was asked to set up a research institute cum Phd school, in collaboration between the faculties of Business and Economics. I was so naïve as to accept the assignment, seeing bridgeheads between the two disciplines. There was much at stake, because if it did not succeed, we would lose substantial funds for research.
2. Economics is focussed on calculating optimal outcomes, but business has to deal with processes of organisation that may never achieve an optimum.
3. Economics reduces uncertainty to risk, where one knows what can happen, to assign probabilities to possible outcomes and calculate the optimum, while in business one has to face the condition that one does not know all that can happen. and yet has to craft a path.