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. Dr. h. c. Karl-Heinz Paqué
Dean of the Faculty of Economics and Management
Translation from the original German:
Dr. John E. Brennan