Guiding Principles of
the Faculty of Economics and Management
The
Faculty of Economics and Management is a place of higher learning where
up-to-date scientific inquiry is conducted in an academic atmosphere
characterized by four essential and defining principles:
1. The Unification of Theoretical Economics and the Practice of Management
An
appreciation for the efficiency with which market trading allocates scarce
economic recourses, in conjunction with a probing consideration of the control
and regulatory frameworks necessary for its effective functioning, places
investigations concerning markets at the forefront of all teaching and research
activities. As a result, there exists no philosophical division within the
faculty between pure economic theory on the one hand and applied management
science on the other.
2. Scientific Inquiry Deeply Rooted in Economic Theory
The
conviction exists that the interpretation of empirical results, experimental
investigations, and practical experience must be based upon, or at least related
to, a comprehensive theoretical insight. Empirical research, experimentation,
and professional activities, all stand to benefit from the achieved level of
scholarly inquiry and they provide a stimulus for its further enhancement. Even
though the ideal of a consistent theoretical body of knowledge, one that is
capable of adequately explaining everyday practical experiences as well as
experimental or empirical results, seems to be an unachievable goal, it is
nevertheless the essential scientific feature guiding all intellectual endeavors
and deliberative decision making activities.
3. An International Orientation in Teaching and Research
Since
its founding, it has been the aim of the faculty to orient its research
activities in accordance with internationally recognized standards of quality
and therefore to strive
for success in the international scientific arena. With the establishment of the
International Study Program, this aspiration was extended to encompass its
teaching responsibilities as well.
4. Relevant and Theoretically Grounded Scientific Activities
In
the final analysis, economics is an empirical science with the objective of
explaining and analyzing actual social phenomena. For that reason, the practical
relevance and the applicability of the theoretical research conducted must be
safeguarded. Researchers are therefore called upon to establish the pertinence
of their theoretical activities. A coherent theoretical body of knowledge and
empirical evidence can be relied upon to determine the suitability of certain
scientific methodologies in specific instances. In determining the level of
scientific sophistication to be employed, however, there is to some extent a
practical consideration. Unfortunately, the acceptance of these fundamental
concepts by the economics profession has not been universal. In fact, to a large
extent there exists within the profession a type of coexistence with pure
theoreticians on one side, who are frequently guilty of not providing sufficient
supporting evidence concerning the relevance of their findings, and
practitioners on the other side, who are in many cases making day-to-day
decisions that are not adequately theoretically grounded. For this reason, the
faculty is endeavoring to provide an integrated academic approach that it hopes
will contribute to countering this reality in the future.
Prof.
Dr. Birgitta Wolff
Dean of the Faculty of Economics and Management
Translation from the original German:
Dr. John E. Brennan
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