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People who are good at their jobs routinely get promoted into bigger jobs they're bad at. We explain why firms keep producing incompetent managers — and why that's unlikely to change. SOURCES:Nick Bloom, professor of economics at Stanford University.Katie Johnson, freelance data and analytics coach.Kelly Shue, professor of finance at the Yale University School of Management.Steve Tadelis, professor of economics at the University of California, Berkeley Haas School of Business. RESOURCES:“People Management Skills, Employee Attrition, and Manager Rewards: An Empirical Analysis,” by Mitchell Hoffman and Steven Tadelis (Journal of Political Economy, 2021).“Promotions and the Peter Principle,” by Alan Benson, Danielle Li, and Kelly Shue (The Quarterly Journal of Economics, 2019).“Bosses Matter: The Effects of Managers on Workers' Performance,” by Kathryn L. Shaw (IZA World of Labor, 2019).“The Value of Bosses,” by Edward P. Lazear, Kathryn L. Shaw, and Christopher T. Stanton (Journal of Labor Economics, 2015).The Peter Principle: Why Things Always Go Wrong, by Laurence J. Peter and Raymond Hull (1969). EXTRAS:“The Secret Life of C.E.O.s” series by Freakonomics Radio.“What Does a C.E.O. Actually Do?” by Freakonomics Radio (2018).
Recorded May 8, 2020, 11AM PST Hoover Institution Fellows Edward Lazear and Niall Ferguson: COVID-19: Today's Historic Jobs Report. The Hoover Institution presents an online virtual briefing series on pressing policy issues, including health care, the economy, democratic governance, and national security. Briefings will include thoughtful and informed analysis from our top scholars. ABOUT THE FELLOWS Edward P. Lazear is the Morris Arnold and Nona Jean Cox Senior Fellow at the Hoover Institution and the Davies Family Professor of Economics at Stanford University's Graduate School of Business. Lazear served at the White House from 2006 to 2009, where he was chairman of the President's Council of Economic Advisers. Before coming to Stanford, he taught at the University of Chicago. Niall Ferguson, MA, D.Phil., is the Milbank Family Senior Fellow at the Hoover Institution, Stanford University, and a senior fellow of the Center for European Studies, Harvard, where he served for twelve years as the Laurence A. Tisch Professor of History. He is also a visiting professor at Tsinghua University, Beijing, and the Diller-von Furstenberg Family Foundation Distinguished Scholar at the Nitze School of Advanced International Studies in Washington, DC. To receive notifications about upcoming briefings, please sign up by clicking here: http://eepurl.com/gXjSSb.
Recorded April 4, 2020, 11AM PST Hoover Institution Fellow Ed Lazear provides a briefing on COVID-19 and today's jobs report. The Hoover Institution presents an online virtual briefing series on pressing policy issues, including health care, the economy, democratic governance, and national security. Briefings will include thoughtful and informed analysis from our top scholars. ABOUT THE FELLOW Edward P. Lazear is the Morris Arnold and Nona Jean Cox Senior Fellow at the Hoover Institution and the Davies Family Professor of Economics at Stanford University's Graduate School of Business. Lazear served at the White House from 2006 to 2009, where he was chairman of the President's Council of Economic Advisers. Before coming to Stanford, he taught at the University of Chicago. To receive notifications about upcoming briefings, please sign up by clicking here: http://eepurl.com/gXjSSb.
Edward P. Lazear is a labor economist and a founder of the field known as personnel economics. His research centers on employee incentives, promotions, compensation and productivity in firms. In this episode, Lazear and Kevin Murphy talk about the legacy of human capital and labor economics at the University of Chicago, as well Lazear's experience crossing from academia to the Council of Economic Advisers and back again.
The future of financial regulation has been a topic of intense debate in the aftermath of the financial crisis. In this audio interview, Stanford MBA student Lisa Scheible talks with Edward Lazear, an expert on labor economics from Stanford, about how government regulation and policy have influenced the economic recovery and how they can prevent similar crises in the future. https://ssir.org/podcasts/entry/edward_p._lazear_-_financial_crisis_and_a_changing_business_world