
Case studies of consequences of war, plagues, natural catastrophes, and famines must be an
important contribution to this discipline. The bubonic plagues, catastrophic volcanic eruptions,
and 1845-52 Irish Potato Famine are examples. We need to address their causes and
consequences in order to show how we can avoid them or mitigate their effects.
Discipline 4 – Austrian School of Economics (utilize the Van Mises Institute course developed
by Professor Murphy of Hillsdale College).
Discipline 5 – Introduction to Business: Content will include goods & services producing firms,
the role of profit, private vs. government enterprises, brief history of American business
(colonial, Industrial Revolution, and modern industry), ownership types (sole proprietorship,
partnership, franchises, and joint venture), business combinations (acquisition, merger,
amalgamation or consolidation), corporation, nonprofits, management functions (planning,
organizing, staffing, directing, and controlling), starting a business, creating an organization,
human resource management, compensation, safety regulations, business law and regulation,
managing people, labor relations, producing the product or service, marketing, distribution &
pricing strategy, financial & accounting management, risk & insurance, gathering & processing
data, international business, business cycles, and business ethics. See Introduction to Business,
by Straub & Attner, PWS-Kent Publishing, 1988 as an example.
Discipline 6 – Marketing Management: Course content will include marketing role in society,
marketing planning (forecasting, development, and information systems), buyer behavior &
market segmentation, product & service strategy (product mix decisions & new-product
development), pricing strategy, distribution strategy, and promotional strategy. See
Contemporary Marketing, by Boone & Kurtz, The Dryden Press, 1989 as an example.
Discipline 7 – Financial Management: Americans are extremely weak in this area, yet it is
critical to understand financial structures in order to achieve some measure of success. Once
again, this is to be taught for citizenship or an entrepreneur or manager, not for a financial
manager. In other words, rather than knowing how to prepare financial documents, individuals
must know how to interpret and use such information. Course content will include scope of
financial management, goals of firm, framework for financial management, financial statements
& their analysis, financial planning & forecasting, the role of accounting, taxation, the banking
system & how to use it, time value of money, valuation, risk & the rate of return, working capital
management, cash & marketable securities, accounts receivable management, inventory
management, short term financing, the cost of capital, financial structure decisions, stocks, long
term debt, and bankruptcy. See Fundamentals of Financial Management: 5th Concise Edition,
Brigham & Houston, Thomson South-Western, 2007 as an example. In their preface, the authors
provide a perspective that expresses our intent of what should be taught and how much should be
taught. It is the proper philosophical approach that educational systems should pursue for all
education not designed for a particular career. In it the authors begin with stating “Fundamentals
… became the leading undergraduate finance text, and it has maintained that position ever
since.” Perhaps the reason for this is due to their philosophical approach to what and how to
teach. They provide: “Students sometimes find finance relatively abstract [which is true of most
academic subjects], and they don’t see its relevance to them [also true of how many high school
students feel toward academic subject matter]. This makes it difficult for professors to get