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NEO CLASSICAL SCHOOL OFMANAGEMENT THOUGHTS           BY     MANISHA VAGHELA           vaghela_manisha13@yahoo.com   BY: ma...
Flow of presentation Introduction Beliefsof neo classical theory Elements of neo classical theories Conclusion Biblio...
Introduction: Theterm classical refers to work done by a group of economists in the 18th and 19th centuries. the   word ...
   Much of this work was developing theories    about the way markets and market    economists and they are generally ter...
   The neoclassical approach was set out by    Alfred Marshall in his Principles of    economics, published in 1890;     ...
Beliefs of NEO CLASSICAL THEORIES:    Classical economists were not well-known     for being a happy, optimistic bunch of...
   Some believed that the government    should not intervene to try to correct this    as it would only make things worse...
   Much of Adam-Smith‟s early work was on    this theme and he introduced the nation of    an invisible hand that guided ...
   but still maintained „their‟ total faith in the    role of markets.                        vaghela_manisha13@yahoo.com...
   It may be noted here that the theories    stated by Taylor and Fayol are called by    writers as classical theories. ...
Elements ofNeo-classical theories   1.Individual   2. Work Group   3.Participative management   4.Oreintation   5. Mo...
1) Individual :   Neo-classical theory recognized the    individual differences which were ignored    by the classical th...
   The new-classical theory advocated a    package deal of motivation, including    financial and non financial incentive...
2) Work Group : An individual in a group develops Social  wants. As he is a social being, he develops a  desire to belon...
3) Participative Management :   Neo-classical theory suggested workers    participation in management for    improving th...
4) Orientation   Classical theory was job oriented while    neo-classical theory is employee oriented.   There is a shif...
   classical theory was concerned with the    basic needs of organization and society    whereas neo-classical approach t...
5) Motivation :   Neo-classical writers considered business    organization as a social system,   The employees could be...
6) Leadership :   Democratic style of leadership is essential    to develop co-operative attitude of    employee towards ...
7) Employee Development :    As there is a close connection between     moral and production, neo-classical     writers e...
Conclusion :   Hereby I conclude that neo classical theory is    adopted by all the economists of management   As neo cl...
Reference books Students guide to management  by  Dr. Neery dashisth Principles of management  by  Dr. P.C tripathi.   ...
vaghela_manisha13@yahoo.com   BY: manisha vaghela   23
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  1. 1. NEO CLASSICAL SCHOOL OFMANAGEMENT THOUGHTS BY MANISHA VAGHELA vaghela_manisha13@yahoo.com BY: manisha vaghela 1
  2. 2. Flow of presentation Introduction Beliefsof neo classical theory Elements of neo classical theories Conclusion Bibliography vaghela_manisha13@yahoo.com BY: manisha vaghela 2
  3. 3. Introduction: Theterm classical refers to work done by a group of economists in the 18th and 19th centuries. the word neo meaning “new”. vaghela_manisha13@yahoo.com BY: manisha vaghela 3
  4. 4.  Much of this work was developing theories about the way markets and market economists and they are generally termed neo-classical economists.. The neoclassical school is the mainstream school of thought in economics, deriving from the work of the marginalists, who defined value in relation to scarcity and regarded the balance of supply and demand as determining equilibrium prices. vaghela_manisha13@yahoo.com BY: manisha vaghela 4
  5. 5.  The neoclassical approach was set out by Alfred Marshall in his Principles of economics, published in 1890; vaghela_manisha13@yahoo.com BY: manisha vaghela 5
  6. 6. Beliefs of NEO CLASSICAL THEORIES:  Classical economists were not well-known for being a happy, optimistic bunch of economists  some believed that population growth would be too rapid for the resources available vaghela_manisha13@yahoo.com BY: manisha vaghela 6
  7. 7.  Some believed that the government should not intervene to try to correct this as it would only make things worse and so the only way to encourage growth free markets. This approach is known as a “laissez – Faire” approach. Essentially this approach places total reliance on markets and anything that prevent markets clearing properly should be done away with. vaghela_manisha13@yahoo.com BY: manisha vaghela 7
  8. 8.  Much of Adam-Smith‟s early work was on this theme and he introduced the nation of an invisible hand that guided economic activity and led the optimum equilibrium. Many people see him as the founding father of modern economics. The Victorian period of rapid expansion worldwide seemed to cheer the classical economists up a little and they became a bit more optimistic.. vaghela_manisha13@yahoo.com BY: manisha vaghela 8
  9. 9.  but still maintained „their‟ total faith in the role of markets. vaghela_manisha13@yahoo.com BY: manisha vaghela 9
  10. 10.  It may be noted here that the theories stated by Taylor and Fayol are called by writers as classical theories. while the theories stated by writers as classical theories the human relations movement and the behavioural science movement are called new-classical theories vaghela_manisha13@yahoo.com BY: manisha vaghela 10
  11. 11. Elements ofNeo-classical theories 1.Individual 2. Work Group 3.Participative management 4.Oreintation 5. Motivation 6. Leadership 7. Employee Development vaghela_manisha13@yahoo.com BY: manisha vaghela 11
  12. 12. 1) Individual : Neo-classical theory recognized the individual differences which were ignored by the classical theory. Every individual has emotions, feelings, attitudes, hopes, aspirations, and expectations. vaghela_manisha13@yahoo.com BY: manisha vaghela 12
  13. 13.  The new-classical theory advocated a package deal of motivation, including financial and non financial incentives, to make the workers feel at ease at work and increase their productivity. vaghela_manisha13@yahoo.com BY: manisha vaghela 13
  14. 14. 2) Work Group : An individual in a group develops Social wants. As he is a social being, he develops a desire to belong & to be accepted by his work group. vaghela_manisha13@yahoo.com BY: manisha vaghela 14
  15. 15. 3) Participative Management : Neo-classical theory suggested workers participation in management for improving their productivity vaghela_manisha13@yahoo.com BY: manisha vaghela 15
  16. 16. 4) Orientation Classical theory was job oriented while neo-classical theory is employee oriented. There is a shift in managerial style from product oriented approach to employee and group centered approach vaghela_manisha13@yahoo.com BY: manisha vaghela 16
  17. 17.  classical theory was concerned with the basic needs of organization and society whereas neo-classical approach tried to satisfy the personal security and social needs of workers Neo-classical writers emphasized satisfaction of workers whereas the classical theory emphasized productivity. vaghela_manisha13@yahoo.com BY: manisha vaghela 17
  18. 18. 5) Motivation : Neo-classical writers considered business organization as a social system, The employees could be motivated by social and psychological wants and not solely by economic incentives. vaghela_manisha13@yahoo.com BY: manisha vaghela 18
  19. 19. 6) Leadership : Democratic style of leadership is essential to develop co-operative attitude of employee towards management. vaghela_manisha13@yahoo.com BY: manisha vaghela 19
  20. 20. 7) Employee Development :  As there is a close connection between moral and production, neo-classical writers emphasized that management that must take greater interest in employee development workers satisfaction. vaghela_manisha13@yahoo.com BY: manisha vaghela 20
  21. 21. Conclusion : Hereby I conclude that neo classical theory is adopted by all the economists of management As neo classical is based on employees its more acceptable In this theory all are benefited not the manager the firm and specially the employees. vaghela_manisha13@yahoo.com BY: manisha vaghela 21
  22. 22. Reference books Students guide to management by Dr. Neery dashisth Principles of management by Dr. P.C tripathi. Theory practice of management. vaghela_manisha13@yahoo.com BY: manisha vaghela 22
  23. 23. vaghela_manisha13@yahoo.com BY: manisha vaghela 23
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