Classic interview questions

aje on February 27, 2018

  1. If you had to kill someone, who would it be?
  2. What have you been most wrong about?
  3. When have you spent < £100 on something that gave you an immense amount of satisfaction?
  4. What’s the biggest coincidence you’ve ever experienced?
    • A coincidence is “A surprising concurrence of events with no apparent causal connection.”
    • I like this one and this one.
    • Another famous one is a man picks up a ringing pay phone, and it’s a lady trying to get hold of him but who had dialled his payroll number by mistake. It just so happened that his payroll number was the same as that of the pay phone he was walking past. Then again, it can’t be that good an example of coincidence if David Spiegelhalter has 10 other examples of it happening! (see his website)
    • Luck = chance taken personally
    • We may underestimate the likelihood of chance meetings due to hidden networks.
  5. Do you have any fan theories?
    • Flintstones: Is set in a post-apocalyptic future, not the past. Hence they have modern inventions but have to use stone age tools. Extension: The Jetsons takes place in the same universe, but they represent those who managed to leave planet earth and take their technologies with them.
    • Toy Story: Andy’s mum is Jessie’s original owner (see here)
    • Star Wars: Jar Jar Binks was a Sith lord who practices Zui quan, but the storyline wasn’t pursued because he was such an unpopular character (see here)
    • James Bond: ‘James Bond’ is a code name, just like 007. (The fact that Sean Connery was approached to play the role of Kincade in Skyfall lends weight to this).
    • Inception: Cobb’s ring is his totem and the spinning top is his wife’s.
    • Bonus: Costa Coffee is named after the 5 alternative types of milk that they offer. Coconut, oat, soy and almond.
  6. Do you sincerely believe in any conspiracy theories?
    • Joscha Bach argues that the main difference between a conspiracy theory and a consensus narrative is the latter tries to unify society, but the former tries to splinter it. Yet both of them “gives meaning to the world by connecting significant dots with confabulation and motivated reasoning, making truth and fiction indistinguishable”. Perhaps he’s right that the internet is making it harder to debunk conspiracy theories.
    • Note that some events can cease to be a conspiracy theory – as Mick Herron said, “It’s not a theory once it’s proved. After that, it’s just a conspiracy” (Slow Horses, p.147)
  7. Is cunning a good trait?
    • “Instead of following an open, clearly understandable line of behaviour, cunning is calculating how other people will react to certain forms of behaviour which are hiding the end game”… “this ability to assess things rapidly and then to act in a way that is not immediately readable/ understandable by the people around us in order to get an advantage that some people will doubtless feel is an unfair advantage” (Tim Parkes, translator of Machiavelli who, incidentally, was always truthful towards his wife)
  8. Tell that story, the time you did the wrong thing because you were scared (link)
  9. When were you at your happiest?
  10. Tell me about the time you met the right person at the wrong time. (It doesn’t need to be romantic).
  11. Do you have a favourite joke?
  12. Imagine your funeral, and your family and friends have had a few drinks and are thinking of you. They want to make an idiosyncratic gesture to your memory. What would they do? What should they do?

Writing reviews

aje on February 19, 2018

“Reviewers come in numerous categories. One group, often the most gushing in their praise, show few signs of actually having read the book. A second group absorb enough of the introduction and of passages relating to their own specialty to pass resounding judgments. A third group, in a distinct minority, follow careful reading with balanced comments. And then there’s the Worshipful Company of Whingers, Carpers and Nit-Pickers, whose sole aim in life it to find fault.”

Davies, N., (2006) Europe East & West, Jonathan Cape

Performance Review

aje on December 12, 2016

The underlying problem is that all performance reviews (especially corporate ones) tend to be costly and arbitrary. Deloitte have a new approach that intends to simplify the process by asking 4 questions:

  1. Given what I know of this person’s performance, and if it were my money, I would award this person the highest possible compensation increase and bonus (five point scale)
  2. Given what I know of this person’s performance, I would always want him or her on my team (five point scale)
  3. This person is at risk for low performance (yes/no)
  4. This person is ready for promotion today (yes/no)

I like the idea but not the questions chosen (they are too hierarchical). Mine would be something along the following lines:

  1. Does this person excel at their job?
    • For example, is there documented evidence of other people attempting to learn from them?
  2. Is this person a pleasure to work with?
    • For example, would other colleagues look forward to making a transatlantic trip with them?

I recently became aware of the concept of a Personal Boardroom. I think it is a good way to recognise whether you have an effective support network, and to identify why your career may be stalling. The idea is that you should have people in your life – with whom you are in regular contact – that perform each of the following roles:

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Country Competitiveness Dashboard

aje on October 11, 2016

I am an Affiliate Faculty Member of the Microeconomics of Competitiveness program at Harvard Business School, and a big fan of Michael Porter – his work consistently reminds me of the importance of bringing clarity to management practice.

I also like his inclination for frameworks rather than models. If your goal is to interpret and assess, as opposed to measure and predict, a framework is a critical analytical tool. One that I especially like is his explanation for what determines competitiveness. For example, consider the following slide (which I believe originates from here).

screen-shot-2016-09-29-at-13-03-20

I’ve given this framework a lot of thought, but I don’t think it fits as neatly into the Diamond model as is often claimed. For example in this NBER paper Porter (and co-authors) present an enlarged version:

screen-shot-2016-10-12-at-13-49-00

This clearly shows that the Diamond model is intended to be a more detailed view of the “Quality of the National Business Environment” segment. But consider something like nutrient rich soil, or a large natural harbour. One might think that constitutes an endowment. But it is also a relevant “Factor input condition”. Indeed what’s the difference between the “Supporting and Related industries” and “State of Cluster Development”? I suspect this is why Figure 3 above has dropped endowments and clusters, and renamed it a “Foundational Competitiveness Index”. I think this is a shame, because the “What Determines Competitiveness” slide is clearer, and more coherent, than the FCI.

I think Porter’s attempt to force fit the Diamond model into the Competitiveness index creates an opportunity to take the “What Determines Competitiveness” slide in a new direction. Indeed I think it complements nicely the “Growth is Like an iPhone” analogy:

In my attempts to merge the three level analogy with a template that my students can use in class, and with all appropriate nods to Prof. Porter, this is the “Country Competitiveness Dashboard“:

Rather than viewing the Diamond model as a subset of the “Business environment”, I see it more as a strategic tool that cuts across the whole Country Competitiveness Dashboard. In other words step 1 is to populate the dashboard, and ensure that you are covering all bases. Step 2 is to conduct a Diamond analysis – which is better suited at the cluster level than the national level anyway.

The endowments above are rooted in economic growth theory, but I am always struck at how important they seem to be when reading geopolitical accounts. The list below shows some of the typical go to areas when trying to understand the starting position of a country.

I think it’s important to understand competitiveness but it looks toward the supply side of the economy, which is much more important for long term growth than either monetary or fiscal policy. Two recent articles on the rise of new supply side thinking include:

Some broader indices include:

Here is my application of some of these concepts to Belarus:

 

Finally, it is well worth reading Paul Krugman’s, Competitiveness – a dangerous obsession (Foreign Affairs, March/April 1994). When treated as a mercantilist trade “strategy”, or the conflation of corporate planning with national level decision making, attention to competitiveness can lead us down the wrong path. But when competitiveness is wedded to our understanding of economic growth, and the conditions required for entrepreneurship to flourish, the competitiveness framework is immensely beneficial.

In January 2025 the European Commission launched the “Competitiveness Compass“. The concept was roundly mocked and deservedly so. It is complicated and doesn’t make sense.
Alumni

Having attended the MOC programme in 2013 and 2015, I then utilised some of the concepts on a special programme for a small private business school in Sofia, in 2016 and 2018. Little did I know that two other graduates from the MOC programme were running the full course through the University of Sofia during this period. And in 2021 Kiril Perkov and Assen Vassilev became Prime Minister and Finance Minister respectively. This is a great example of the clear links between classroom knowledge and policy leadership.

Management reading list

aje on September 28, 2016

Here are a few recommendations for managers.

  1. Sowell, T., 1987, A Conflict of Visions, William Morrow
    • Sowell makes a distinction between a constrained (i.e. human nature is stable and based on self-interest) or unconstrained (human nature is good or has the potential to be good) “vision”. He argues that most political beliefs fit into one of these categories, and that people’s judgements are often determined by their existing vision.
  2. Schwartz, Peter. (1997) The Art of the Long View: Planning for Future in an Uncertain World, John Wiley & Sons
    • The pioneer of scenario planning provides a user guide to their construction and use, and demonstrates their relevance for any decision making under uncertainty.
  3. Postrel, V., 1999, The Future and Its Enemies, Free Press
    • Postrel challenges the conventional wisdom that modern society isn’t delivering, and that we need to take coordinated action to change this trend. Instead, she articulates the case for competition and decentralised decision making, and identifies a “dynamism” world view that permits amazing innovation.
  4. Koch, Charles, G., 2007, The Science of Success, Wiley – especially SoS excerpts
    • This book outlines the concept of “Market-Based Management”, the framework that Koch credits as driving the incredible success of the American conglomerate Koch Industries. It attempts to apply the institutions of a free society and market economy within a firm, and provides an excellent case study on alternatives to hierarchical command structures.
  5. Burlingham, Bo, 2005, Small Giants, Penguin
    • A fascinating collection of case studies of companies that chose to be great rather that big. Most of them may be unfamiliar, but they are all inspirational for their pursuit of excellence as they define it.
  6. Cowen, T., 2009, Create Your Own Economy, Dutton
    • This is an eclectic look at how the internet has affected the way we engage with information. We have more choice, and more ability to cultivate our own consumption that ever before. This caters to people with autistic tendencies, and Cowen not only allows us to understand this condition, but also encourage our inner neural diversity.
  7. Deutsch, D., 2011, The Beginning of Infinity, Penguin – in particular “Optimism” (Chapter 9)
    • In a deep, mind bending work Deutsch argues that the enlightenment was built on the search for good explanations (which is different to attempts to test theories), and claims that a rediscovery of this effort will create the beginning of infinity. He touches upon his expertise as a Physicist to explain famous paradoxes and make a convincing argument in favour of the multiverse.
  8. Ridley, M., 2011, The Rational Optimist, Harper
    • Trade and specialisation have meant that things have never been better, and things will continue to be better provided we remain rational and optimistic.
  9. Poundstone, W., 2011, Priceless, Oneworld – especially the chapters on Prospect Theory and Ultimatum Games
    • Entertaining and accessible overview of behavioural economics and its impact on decision making.
  10. Ries, Eric, 2011, The Lean Startup, Penguin – especially the chapter on batches
    • The classic guide to creating a new organisation under conditions of uncertainty, including practical advice on strategy.
  11. Gleick, J., 2012, The Information, Fourth Estate
    • A somewhat daunting but wholly engrossing history of information, explaining critical innovations such as drum banging, Enigma, through to the internet.
  12. Fisman, R. and Sullivan, T., 2013, The Org: The Underlying Logic of the Office, Twelve – in particular “What Management is Good For” (Chapter 5)
    • A highly readable explanation for why organisations exist, and a defense of the important role they play in coordinating economic activity.
    • Also see “Why Managers Still Matter“, Foss, N.J., and Klein, P.G., MIT Sloan Management Review, September 2014.
  13. Leighton, W.A., and Lopez, E.J., 2014, Madmen, Intellectuals and Academic Scribblers, Stanford – especially the chapter on Public Choice theory
    • A scholarly level and yet enjoyable look at how ideas shape the world around us, with excellent examples of times when they can overcome vested interests. The authors identify policy entrepreneurs as key change agents and show how social change occurs.
  14. Skarbek, D., 2014, The Social Order of the Underworld, Oxford University Press
    • One of the very best attempts to study how governance emerges without government. Skarbek presents his academic work on how prisons are organised, cutting across all of the social sciences. He draws upon fascinating fieldwork to explain the role of gangs and destroys many myths about why they form and the functions they serve. This is one of the best contemporary examples of the applicability of economic theory to broad social issues and will change how you think about how people associate.
  15. Nelson, R., 1977, The Moon and the Ghetto, WW Norton & Co
    • A joint-Godfather of organisational studies, Nelson explores why incredible technical tasks (such as sending someone to the moon) are easier to solve than many mundane social tasks (such an ending poverty). He surveys different ways in which rational analysis has been applied (the “policy analysis” perspective, where the chief executive makes decisions; the “organization” perspective, which looks at institutional structure; and the “science and technology” perspective, which focuses on how R&D resources are allocated), and finds them mutually useful but incomplete. The focus is more on how to solve public policy questions rather than a clear tool kit on how to do so (i.e. the intended audience is social scientists rather than policymakers) but is relevant to anyone seeking to better understand complex problem solving in an organisational context.
  16. Weiner, E., 2016, The Geography of Genius, Simon and Schuster – in particular his advice to his daughter
    • A tender travel book that combines affectionate tales of interesting journeys, with a sharp identification of what causes certain locations, at certain points in history, to give rise to outrageous spells of creativity.

Business One Pagers

aje on September 23, 2016

Sometimes I read a book and it leaves a big impression on me, but I worry that it will be transient. I already utilise “One Pagers” for recording brief thoughts on interesting books or articles, but thought I could create a template that focuses on business implications.

Although teachers like myself often think that providing a list of excellent resources is sufficient to aid someone’s learning, genuine learning needs to be reflective. Therefore my advice is to read the book and then write a Business One Pager.

The basic format is as follows:

  • Key information: (i.e. title of the book, name of the company, industry, era, etc)
  • Situation analysis/context
  • Key challenges faced
  • Legal and regulatory context
  • Sources of value creation
  • Successes
  • Failures
  • Lessons I can implement

Of course, this is incomplete and should be treated as a work in progress. But I hope you find it helpful.

Resources

The Krupnik Medal

aje on May 29, 2016

As an educator it’s a real priviledge to have the opportunity to engage with so many ambitious and intelligent students. My colleagues that teach on PhD programmes tend to have lists of their former students (I even appear on one!) but working in a business school means that I don’t produce future academics. I do, however, look on with pride when I see the achievements of former students in their professional careers.

A Krupnik Medal (🏅) is my way of saying “well done!”

Krupnik Medal holders:

To nominate someone, or reconnect, email me!

Economic Freedom 101

aje on April 26, 2016

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Lecture handouts for the Jan 2020 version are available here.

Introduction

This short course provides provides a survey of global poverty and a discussion of the causes of prosperity. Particular emphasis is placed on the institutions required for market exchange, and the importance of economic calculation. As a satellite photo of the Korean peninsula makes clear, socialist planning is literally groping in the dark. We will look at the theoretical reasons behind this claim, and the empirical validation that economic freedom matters.

Prerequisites

The course does not rely on any previous study of economics.

Teaching methods

  • Lectures (3 sessions)

Textbook

The course is designed to tie into Chapters 4 and 12 of the following (amazing) textbook:

The website for the book contains an array of other resources: https://anthonyjevans.com/books/markets-for-managers/

An additional reading list is available here: https://anthonyjevans.com/course-readings/

An edited list of highly recommended articles from The Economist is here: https://anthonyjevans.com/the-economist-an-mba-reader/

Schedule

9am Session 1

Economics matters: The link between economic institutions and global prosperity

In this lecture I will ask some broad and fundamental questions about the application of economic theory to the real world, and the role of the economist as a force for making the world a better place. I will try to convince you that we have a fairly good understanding of what causes economic growth, and how important this is for raising living standards and improving people’s quality of life. In other words, economics matters.

10:45am Break

11:00am Session 2

Groping in the dark: Why socialist calculation is impossible

12:30pm Lunch

2:00pm Session 3

Economic transition in Central and Eastern Europe: Shock therapy or gradualism?

3:30pm Finish

If you’ve taken the course, you can check your learning with this quiz:

Can also include the Bag Game and the International Trade Game

Online learning

aje on March 31, 2016

Also see: Classroom Tech and Making videos

The covid-19 pandemic has prompted a mass transition from in class tuition to virtual learning. It’s an incredible pedagogical experiment, and I’m intrigued as to how it will play out. ESCP Business School was an early mover – our Turin campus made a complete switch online on February 23rd. I’m the Teaching & Learning coordinator for our London campus, and we have been anticipating and managing as smooth a transition as possible since then. We went fully online on March 16th.

This crisis situation has prompted an immediate action, but it reflects a deeper trend away from the classroom. I feel well placed to react because I’ve made online learning a key part of my professional strategy. In 2016 I launched an online Managerial Economics course as part of ESCP’s “Executive Master in International Business” (EMIB). Following that, I added a new online course every year, such that in 2019/20 my online teaching exceeded my in class instruction. I am a digitally minded person, and have loved the opportunity to develop courses that help me to recognise more clearly the value of being physically present. For me at least, those two forms of teaching are complementary and teasing out how they interact has been satisfying.

[This intro was written March 15th 2020. The rest of the article has been modified since then.]

It’s not obvious that teachers have the right skillset to create online courses.

The key skillset for a lecturer:

  • Knowledge of the content
  • Personable delivery
  • Ability to grade exams

The key skillset for an online instructor:

  • Ability to curate content
  • Aptitude with alternative technologies
  • Choice of assessment

So instructors should think carefully before attempting to move online. It takes preparation and experience, and may be detrimental to in class instruction.

I see a few basic models for online learning:

Model 1: Your own pace (on demand)

These type of courses remove students from the dreaded (and stupid) syllabus and allow us to package a course into engaging digital content. I think there are two types of on demand courses.

1a. Lecture video

The first is a simple ~30 minute lecture + quiz. The platforms that I use and recommend are Coursera and Udemy. I am also impressed by edX. I’ve built a course on Teachable, but it’s quite expensive. The good thing about this model is that it is simple to create and the time commitment can be easily calculated. The bad thing is that there can be a temptation to simply record existing lecture content, and this can be boring.

1b. Short content (bitesize)

The other on demand model is a mixture of different media, with much shorter videos. I used to think that the model for this was a simple process:

  • Read this
  • Watch this
  • Listen to this
  • Do this

However in my experience this sends the students off into too many directions. An advantage of an online course should be that they can consume the material in the same “sitting”. Either have extensive video content (e.g. the first option, above); use of articles (which are typically consumed on a tablet, or as hard copies); or everything audio based (so they can do things on the move via a podcasting app). Although I think it’s important to provide a range of content I believe that the course itself should be delivered through a single user interface.

For ESCP enrolled courses I use our existing learning management system, which is Blackboard, because it integrates with grading and students already have password protected access. Some courses I run are via Canvas, which is substantially better. I still find it surprising that it’s non-enrolled programmes that provide an effective user experience, and elite business schools that use glorified file management systems.

The way to incorporate short, mixed content through a traditional LMS is scorm packages. I have tried multiple versions (including iSpring and isEazy) but do not find them effective. They are hard to create and edit and don’t lend themselves to a clear user journey. I have recently experimented with LearnDash (which is a WordPress plug in) and I find it an effective way to present short digital content in a structured and visually appealing way.

For economics instruction, I like the Foundation for Economic Education, but by far the best options are run by Marginal Revolution University. In particular these courses:

You could also do a lot worse than simply watching Jacob Clifford’s YouTube channel.

For some non economics courses, consider:

Finally, my own course on Analytics (including Numeracy Skills Bootcamp; An Introduction to Game Theory; and Collecting and Presenting Data) follows a student led model. As does my Blended GMP courses on Microeconomics and Macroeconomics. A key thing to ensure is a structure, such that students pass through the modules on an appropriate timescale and remain motivated.

Model 2: Virtual classroom

When built well, student led classes can be very effective. But they can be a challenge to ensure consistent student engagement. It’s no surprise therefore that for many traditional courses that are having to transfer online, the prevailing course structure is important. The need to retain a timetable, and get students to interact, more closely replicates their previous experience. Don’t forget, one reason people pay for gym membership is the discipline of going to the gym. If students wanted a DIY alternative they’d already have chosen that, and they would have saved a large amount of money in doing so. So how do you keep the class together?

The main difficulty of live teaching virtually is:

  • Ease of distractions for students, and lack of physical cues around engagement
  • Lack of a decent sized whiteboard and physical representation of idea formation
  • Weird management of energy levels

The upsides of live teaching virtually are:

  • No commuting (making it possible/easier for people in different time zones)
  • Use of breakout rooms is quicker and easier than physical spaces
  • Easy integration of online polling or collaborative whiteboards (e.g. Mural)

Model 3: Remote classroom

Remote classrooms use the technology of the internet to distribute content but don’t fundamentally differ from a distance degree. The key value provided by the university is therefore the grading of assignments and student feedback. They are paying not for the content per se, but to have a professional instructor grade it for them. Automated quizzes don’t cut it in this context. Examples:

Model 4: The watcher

This is when a physical course is delivered as normal but participants receive remote access. This has a bigger emphasis on hardware needs (e.g. high quality cameras and mics throughout the audience) and editing. But it’s an easy way to grant access to those unable to attend physically. Some examples:

Of course some courses can combine the above within a single course. I think for all serious online courses (i.e. ones where students pay big money to a reputable institution), the key factors for success:

  • Strict schedule
  • Tough assessments

I see a major advantage for online courses being the opportunity to crowdsource and aggregate grading into quick, responsive, 360 feedback. I like to ensure that students are viewing, and critically engaging in each others submissions.

Here are some key resources that I have utilised:

Here’s a list of companies that I’m keeping an eye on:

I have taken, and recommend, the following online courses:

Also, I really like the look of these:

It’s never been easier to learn online, and it’s never been easier to teach online. Experiment and have fun!