I think Charles Koch’s Science of Success was an excellent book to sum up our semester. As Dr. Fawson stated, Koch has synthesized the various aspects of the foundations of posterity and attempted to explain how they interconnect to create value that is based on the science of liberty. His book addresses all the various topics we have studied this semester and he has demonstrated why each is important to “creating” value. He examined self- interest, spontaneous order, the embracing of change, experimental discovery, innovation, visions, and virtues. He also went beyond these basics to explain that Market Based Management draws “lessons” from various fields and studies, thus illustrating that a successful business that brings value involves more than just managing.
Is the “science of liberty” necessary for the “science of success”? Obviously. As Koch explains, liberty is essential for success because it is the individuals’ liberty that drives the innovation, change, knowledge, and virtue that brings about creative innovations. Koch explains that the theory of MBM is “rooted in the Science of Human Action” (p 25). Thus, self-interested individuals can “create” more in a society that values liberty and freedom and makes it possible for individuals to create and compete. (I liked Kip’s example in this respect).