PRAISE FOR VALUE CREATION PRINCIPLES "In Value Creation Principles,
Madden introduces the Pragmatic Theory of the Firm that positions
the firm as a system fueled by human capital, innovation, and, at a
deeper level, imagination. He challenges us to understand how we
know what we think we know in order to better discover faulty
assumptions that often are camouflaged by language. His knowledge
building loop offers guideposts to design experiments and organize
feedback to facilitate early adaptation to a changed environment
and to avoid being mired in ways of thinking rooted in 'knowledge'
of what worked well in the past a context far different from the
context of today. His book explains a way of being that enables
those who work for, or invest in, business firms to see beyond
accounting silos and short-term quarterly earnings and to focus on
capabilities instrumental for creating long-term future and
sustainable value for the firm's stakeholders. I can't recommend
this astounding book enough especially given its deep and timely
insights for our world today." John Seely Brown, former Chief
Scientist for Xerox Corp and Director of its Palo Alto Research
Center (PARC); co-author with Ann Pendleton-Jullian of Design
Unbound: Designing for Emergence in a White Water World "In
contrast to existing abstract theories of the firm, Madden's
pragmatic theory of the firm connects management's decisions in a
practical way to a firm's life cycle and market valuation. The book
promotes a firm's knowledge building proficiency, relative to
competitors, as the fundamental driver of a firm's long-term
performance, which leads to insights about organizational
capabilities, intangible assets, and excess shareholder returns.
Value Creation Principles is ideally suited to facilitate progress
in the New Economy by opening up the process by which firms build
knowledge and create value, which is a needed step in revising how
neoclassical economics treats the firm." Tyler Cowen, Professor of
Economics, George Mason University; co-author of the popular
economics blog Marginal Revolution "Bartley Madden rightfully
points out that both textbook and more advanced economic theories
of the firm fail to address the concerns of top management and
boards of directors. He offers a tantalizing pragmatic alternative
that directly connects to quantitative changes in the firm's market
value. His framework gives recognition to the importance of
intangible assets, and his pragmatic approach is quite
complementary to the Dynamic Capabilities framework that strategic
managers implicitly and sometimes explicitly employ." David J.
Teece, Thomas W. Tusher Professor in Global Business, Faculty
Director, Tusher Center for the Management of Intellectual Capital,
Haas School of Business, University of California, Berkeley
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