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The New Economics, Third Edition

For Industry, Government, Education

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The New Economics, Third Edition

By: W. Edwards Deming
Narrated by: David Stifel
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About this listen

In this book, W. Edwards Deming details the system of transformation that underlies the "14 Points for Management" presented in Out of the Crisis. The "Deming System of Profound Knowledge", as it is called, consists of four parts: appreciation for a system, knowledge about variation, theory of knowledge, and psychology. Describing the prevailing management style as a prison, Deming reveals how applying the System of Profound Knowledge increases productivity, quality, and people's joy in work and joy in learning. Another outcome is short-term and long-term success in the market. Indicative of Deming's philosophy is his advice to abolish performance reviews on the job, to look deeper than spreadsheets for opportunities, and even to rethink how we teach and manage our schools. Moreover, Deming's method enables organizations to make accurate predictions, which is a valuable tool in today's uncertain economic climate.

This third edition features a new chapter (contributed by business consultant and Deming expert Kelly L. Allan) that explains the relevance of Deming's management method, case studies from organizations that have adopted Deming's System of Profound Knowledge, and offers guidance on how organizations can effectively "do Deming".

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2018 W. Edwards Deming (P)2018 Blackstone Audio, Inc.
Economics Management Management & Leadership Business Leadership

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Most relevant
I was surpriced and that Deming seemed so Communistic, and I could easily see how people would distance themselves from an idear of people working for less, but for a common good, that has prooved time and again to lead into a dark hole. Maybe he didnt tell exactly at what level you actually need to compeed and when you need to be cooperative to gain a higher level. That was a miss, that I felt wasnt clear. Also that are dependent on different types of personality traits.
But I did enjoy the red beat experiment alot, there is alot of truth to how it was conducted that goes through all bad management practises no matter what buisness you are into. It seems to be the same. It was absolutely a brilliant exemplification. Then we just need the experiment done the right way..! Alot of complaining about leading for outcome, which is part of the goal for any company.. you get the feeling he never had his own company or did any kind of lowpaid lowprestige work himself. Or maybe it is the voiceover that sounds spoiled. I still think the audiobook has alot less value than the real book which I will look forward to reading some time in the future. I hope things will be more clear since the number explaneing was well enough to really get a proper insigth. It is possible this book was written before Six Sigma was formed, which could also explain the lack of proper documentstion for my ears.

It seems a bit overrated, alot of complain not enough methods for learning

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really enjoyed it. it's amazing how the principles continue to apply today, decades later. will read Demings other titles.

Very relevant 30 years on - eye opening

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Interesting to listen to. This is the third time I listen to it, and I keep picking up more and more. Will probably keep listening to this book many more times to get even deeper into what Deming meant about the system of profound knowledge. Listening to this book I understand where several of the lean principles have originated. Understanding where things came from, you understand its context much better.

All in all, I recommend this book for those who want to understand the thinking of the man who inspired the impressive improvement of Japanese industry after WWII.

What Deming was really about: The System of Profound Knowledge

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Definitely a must read for anyone trying to change organisations.
Timeless knowledge that is always relevant, though rarely followed.

Essential Reading

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Perhaps might be that this book was too difficult for me to fully grasp - definitely an interesting book - definitely not a casual read

Will try read other books to get a better understanding of Deming

I feel like I missed out alot

Interesting book - alot of theory

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