Examines the role, financing and management of the museums of the United States. It sets the context for considering the splite between subsidy and revenue generation for these institutions.

The cultural institutions of modern societies have been provided as public goods paid directly by government or as for-profit enterprises. In particular, museums play an important role in education and entertainment. This course examines the role, financing and management of the museums of the United States. It sets the context for considering the split between subsidy and revenue generation for these institutions. It considers the role of entrepreneurship in the current and future management of museums. The growing importance of the web and the growth of virtual museums is examined. There will be several outside speakers covering management, finance, fund raising, display and the role of the computer. Previous courses in business planning or public good economics are helpful but not necessary. Work will involve selected readings and team projects. A related workshop on the construction of a specific virtual museum is offered in session two (see MGT 867). Permission of instructor required. (full course description)

Devoted to joint projects in the planning for and construction of a virtual museum of money and financial institutions.

A major gap in the array of science museums is that no museum exists which is devoted to providing the public an understanding of the roles of money and financial institutions, and other business and economic activities. Most major museums now have associated web sites or virtual museums, but these are add-ons to the existing museums, not independent or stand-alone entities. The virtual museum as an independent entity is about to become an integral part of the museum and educational world. This workshop will be devoted to joint projects in the planning for and construction of a virtual museum of money and financial institutions. Enrollment limited to 10. Permission of instructor required. (2 units) (full course description)

Working seminar dealing with the entrepreneurship and the economics of cultural institutions.

This is a working seminar dealing generally with the purpose, entrepreneurship and the economics of cultural institutions. It will be linked with MGT 618a Entrepreneurship: Business Planning for New Entrepreneurial Ventures. In this seminar we will deal with the contrast between for-profit and not-for-profit institutions, along with the possibility for an intermixture of both. The roles of P.T. Barnum and Disney will be considered -–and contrasted with major museums as purveyors of middle and high culture. A theme stressed is that the domain of cultural institutions requires both good management and entrepreneurship, plus 1) a substantive understanding of the societal support of the specific cultural institutions; 2) a basic understanding of how to construct a business plan for a cultural institution; 3) the economics of management for both new and existing institutions. The general theme will be illustrated in a "hands-on" design of a detailed business plan for one or two museums. The first museum project will be a feasibility study and business plan for a new intermixed science, history and art museum devoted to money and financial institutions. In spite of the proliferation of specialized museums in the past thirty years (e.g., barrio museums, museums devoted to architecture and design, space and aeronautics, and many others) there is no major science or history museum that is devoted to finance, accounting, economics and the central role of money and financial institutions in the development of society and the impact on everyday life. We will construct a business plan for an Exploratorium of Money and Financial Institutions, exploring the similarities and the differences between the construction of a purely private enterprise business plan and one for a cultural institution. Planning involves the specification of purpose, the economic aspects of cost of real estate and buildings, exhibition and running costs, and projects of potential revenues. There are the legal aspects of incorporating as a not-for-profit. The role of games and interactive exhibits in teaching and entertainment attraction must be considered. We will consider the educational and display potentials for departments in the new museum covering: (a) money and art, (b) public finance and war; (c) the history, purpose and development of financial instruments; (d) insurance and commerce; (e) stock markets and liquidity; (f) bubbles, panics and swindles; (g) the development of accounting and commercial law and the construction of economic indices such as GNP, or cost-of-living. Enrollment limited to 12 students from the Schools of Management, Art, Architecture, and Law and graduate students in the department of Economics. Students will work in teams of 5 or 6. Those interested in taking this class should reserve the 4:00-5:20 slot on Monday, Tuesday and Wednesday. Lectures and discussion will be mostly on Tuesday afternoons, with some Monday afternoons. Wednesday class meetings will be working sessions with the professors for the teams of both this course and MGT 618. Students who attend all lectures and participate in discussion for both this course and MGT 618 may elect to receive an additional 2 units of credit, with permission of the instructors. (4 units)

Examines international efforts by governments and other institutions to stimulate technological change and innovation to promote economic growth, employment, and competitiveness.

This course will examine international efforts by governments and other institutions to stimulate technological change and innovation in order to promote economic growth, employment, and competitiveness. The role and strategy of the private sector in this process is clearly critical. By analyzing different comparative national models, the structure and policies of U.S. public sector institutions and private firms will become more clear. Topics covered will include the global competition for capital, technology, and markets; specific industry case studies; the role of multinational corporations; the impact of the end of the cold war; and new paradigms for technology innovation. (4 units)

An approach to the theory of money and financial institutions is adopted which lays stress upon the way in which money, financial instruments, and institutions emerge naturally from the trading and production technology. The way in which the price system meshes with the financial system to provide a control system for a political economy is considered. The approach emphasizes both institutions and the underlying mathematical models (but although stress is laid upon modeling, the seminar is not heavily mathematical). A few basic concepts of game theory and the techniques for the building of process models are required and they are covered in the seminar. Both theory and implications for practice are considered. Thus, the ability to read the Wall Street Journal and Forbes as well as the Journal of Economic Theory or the Journal of Political Economy, the Federal Reserve Bulletin, and generally accepted accounting principles is regarded as desirable. (4 units)