Management Schools of Thought

I have found it helpful to think of management programs as a continuum with the Craft of Management and Management Science as two (somewhat exaggerated) endpoints. Somewhere in the middle we encounter the Applied Economics/Social Science tradition that combines elements of the Craft and Science archetypes.

I. Craft of Management Tradition

Intense use of case method
High level of induction
Stress on Leadership
Management viewed as an art to be learned via observation and discussion
Philosophical identification: Conceptually similar to a service academy for business leaders

II. Management Science Tradition

Intense use of formulas and mathematical abstraction
Higher use of deduction
Management viewed as a science to be learned from robust principles
Philosophical identification: Engineers of the Corporation

III. Applied Economics/Social Science Tradition

Extensive use of economic models but tempered with borrowings from other social sciences such as psychology and sociology
Business is essentially an applied version of the social sciences with an strong emphasis on economics
While the core is economics, the actions of individuals can also be important
Philosophical identification: Business leaders are economically motivated individuals acting within certain institutional constraints and incentive systems.