THE EVOLUTION IN BUSINESS PROCESS THEORY

The financial problems that the entire world has had to face in recent years have made economists question the practices that they support and companies implement. This is not the first large scale economic crisis and chances are it won’t be the last. Only in the last century the world has had to deal with three such situations with worldwide effects. After the initial shock to the economies pass, there is a period of adaption, of identifying the causes, formulating new theories, in essence implementing chance and trying to learn from the mistakes that had been made. That is essential not only for the economy it is what defines everyone and anyone who wants to improve. In the last two decades many new theories have been published concerning virtually every aspect of economic life from productivity on a microeconomic level to the very essence of what “the new economy” should look like.