Ben Bernanke is an American Economist who was born on December 13, 1953. Bernanke went to Harvard University where he received his Bachelors and Masters degree. He then got his Ph. D. from MIT in 1979. Bernanke was a professor at Stanford, but eventually became a tenured professor at Princeton University in the Department of Economics. Bernanke is well known for being the chairman of the Federal Reserve system from 2006 to 2014. During his first term Bernanke worked to stabilize the economy during the Great Recession of 2008. Many sources including, Time magazine and former President Barack Obama, have praised Bernanke for his response to the financial crisis. Bernanke is also well known for his work on the Great Depression which influenced his decision to lower interest rates to 0 in response to the financial crisis of the Great Recession. His legacy as chairman is still left to interpretation as the future is uncertain. However, there is a limit as to how much of his works can be applied to the economics of organizations. He has focused on the industries as a whole and not just on individual organizations themselves. 
Before this assignment I was unaware of Ben Bernanke. Although, he is a well respected Economist and is worth reading up on. I look forward to exploring his blog for the Brooking's Institution and his projections for the economy.

Comments

  1. Professor ArvanSeptember 8, 2017 at 7:29 AM

    Bernanke did yeoman's work during the Great Recession. He is somebody that we all should be aware of, though his work is not directly relevant to the topics in our course.

    In future posts, please but in a subject line to your post. Do that in the box intended for it, rather than in the body of your post.

    ReplyDelete

Post a Comment

Popular posts from this blog

Connecting the dots

There are a few themes that I habitually mention throughout my posts. The first major theme that I generally have throughout my posts is mentioning transaction costs. I have gone into depth how transaction costs play a role in almost all of the organizations I'm involved with. For example, I mention working for the dining hall and there are transaction costs for workers being managed by two different authorities. This theme was also present in my post where I talked about working for the Illinois football video team. For the video team there is a different kind of organization, but there is still a dual authority in place. Like in my dining hall job, there are also transaction costs that arise form working under a dual authority. Another theme that I see in my posts is opportunism. I focused an entire post on how I could have acted opportunistically, but decided not to in relation to having to pay an Uber driver extra. However, the theme of opportunism taking place at work was al...
Read more

Team Organization

I was hired in the beginning of 2017 by the Illinois football team. I currently work for the video department of the football team. I film the football team's training camp, practices, and games. Illinois football video is a small team, but still has an invaluable job. When this job is performed well the coaches are happy and it helps our football team succeed. The structure of the video department is like that of the dual authority team discussed in B&D. I report to two bosses who are the director of football video and director of coaches video. Both my bosses have authority over me and supervise me throughout practice or a game. Usually at the start of practice, one of my bosses is on the field and the other is in the office working on film. Halfway through they switch and than my other boss is supervising and performing certain tasks on the field. The rest of the video team reports to the two bosses. However, there is an informal structure based on how "new" the ...
Read more

Team Production with Gift Exchange

In my current job there is more than enough gift exchange happening each day. I work for the Illinois video crew filming the football team's practices and games. Before each practice and game it is necessary to set up the cameras and test them at least an hour before the football team starts practice or a game. There are a variety of cameras that need to be set up, but most of them can be set up within ten minutes and tested within another ten minutes. This usually leaves some spare time before any actual game play and filming. The video crew consists of around twelve workers. Ten of us film on different types of cameras while two of us format SD cards and edit film on the inside and don't actually film. Also, only half of us film the entire practice while the others only film certain parts of practice. And each worker only works six games, including four home games and two away games. In the video crew each of us cannot make it on time an hour before practice every day to se...
Read more