The Economics of Higher Purpose

Two distinguished scholars offer eight steps to help organizations discover and embrace their higher purpose--something that will dramatically improve every aspect of any enterprise, including the bottom line.Managers are taught that employees are self-interested and work resistant, so they create systems of control to combat these expectations. The result? These gloomy assumptions become self-fulfilling prophecies, workforces tend to underperform and resist control, and managers undermine their own effectiveness in a vicious cycle.But when an authentic higher purpose permeates business strategy and decision-making, the cycle is broken. Employers and employees fully engage, become proactive contributors to purpose, and exceed expectations. Long-term economic benefits follow.Robert E. Quinn and Anjan J. Thakor offer a new logic that builds on the assumptions of economics and opens a new path to clearly identifying an organization's higher purpose and integrating it with the organization's strategy. They offer a practical and counter-intuitive eight-step approach to articulating higher purpose and show how to weave it into the fabric of the organization.

“"Authors Thakor and Quinn have produced the best kind of leadership prescription--a simple, applicable idea with profound consequences: leaders who provide a higher purpose achieve both better results and greater career satisfaction in employees. What could be more rewarding than engaging people in a cause bigger than themselves, with results far better than possible with traditional methods?" -- Richard Mahoney, former CEO, Monsanto "Eminent scholars Quinn and Thakor offer a practical and inspiring approach toward building a purpose-driven organization that shows how to reconcile the critically important authenticity with the profit objectives of commercial enterprise." -- Eric Van den Steen, Professor of Business Administration, Harvard Business School "This book is a road map for transforming an organization by discovering its purpose, communicating it genuinely, and energizing the whole of the enterprise in a way that results in unheard-of employee dedication and loyalty and previously unimaginable business success. A must-read for today''s leaders." -- Jim Weddle, former CEO and retired Managing Partner, Edward Jones "This book bridges the gap between the aspirational ''feel good'' treatment of purpose and the single-minded focus on wealth creation that characterizes great organizations. Quinn and Thakor succeed marvelously in bringing purpose to life and making it work." -- Arnoud Boot, Professor of Finance, University of Amsterdam; member, Royal Netherlands Academy of Arts and Sciences; Chairman, Bank Council, Dutch Central Bank; and member, Scientific Council for Government Policy "Two outstanding professors, one in management and one in finance, have come together to see how an organization can be designed when those involved share a higher purpose. It should be read by all those interested in governance and organizational design." -- Franklin Allen, Professor of Finance and Economics and Executive Director, Brevan Howard Centre, Imperial College London "The authors not only demonstrate why authentic purpose-driven organizations do better but also provide specific steps for creating such an organization. This book is thoughtful, clear, and immensely useful." -- Vic Strecher, Professor, University of Michigan, and founder and CEO, Kumanu, Inc. "Quinn and Thakor create a powerful case and practical guide for why and how we should run into a burning building. Their eight counterintuitive steps for purpose-driven management are a must-read for leaders who understand that all you can command is attendance, and all the good stuff is given willingly by those that understand and share the higher purpose of their organization." -- Jim Mallozzi, former Chairman and CEO, Prudential Real Estate and Relocation Services "As an HR leader, I am constantly thinking about how to provide a richer, more meaningful work experience. The Economics of Higher Purpose provides a compelling blueprint to help our people connect to a deeper purpose in their work. If this is done well, work becomes more than a paycheck; it satisfies our desire to be a part of something bigger." --Shawn P. Patterson, Vice President of Organizational Effectiveness and Chief Learning Officer, DTE Energy "In this book, Quinn and Thakor teach us a great yet challenging lesson: when we learn to look beyond profit maximization to a higher purpose, we learn to create lasting prosperity." --Charles C. Manz, Nirenberg Chaired Professor of Leadership, University of Massachusetts Amherst, and coauthor of Twisted Leadership and Twisted Teams "In their new book , Quinn and Thakor share amazing insights and stories on how higher purpose turns everyone into a fully invested person. This volume is a profound playbook for those who want to unleash the human and economic power in the people around them." --Jim Haudan, Chairman, Root Inc. "The authors take us on a compelling journey in which we discover the why and the how of creating organizations of higher purpose. Then they give us the gift of practical tools and exercises--it is a precious volume for those who want to make a difference." --Nick Craig, author of Leading from Purpose "It is one thing to state that meaning makes money. It is quite another to show why and how. This book offers eight specific, actionable steps for linking purpose and profits. It is an invitation to personal development and organizational flourishing." --Dave Ulrich, Rensis Likert Professor, Ross School of Business, University of Michigan, and Partner, The RBL Group "By discovering what has made some organizations so hugely successful, Thakor and Quinn give higher purpose the instrumental role it deserves in everybody''s life project, large or small. They have written a fantastic, eye-opening book. It is both visionary and highly practical. I have followed their rules unknowingly for the better part of my life." --Jan Krahnen, Professor of Finance, Goethe University, and Founding Director, Sustainable Architecture for Finance in Europe”

“Authors Thakor and Quinn have produced the best kind of leadership prescription—a simple, applicable idea with profound consequences: leaders who provide a higher purpose achieve both better results and greater career satisfaction in employees. What could be more rewarding than engaging people in a cause bigger than themselves, with results far better than possible with traditional methods?”
—Richard Mahoney, former CEO, Monsanto
 
“Eminent scholars Quinn and Thakor offer a practical and inspiring approach toward building a purpose-driven organization that shows how to reconcile the critically important authenticity with the profit objectives of commercial enterprise.”
—Eric Van den Steen, Professor of Business Administration, Harvard Business School
 
“This book is a road map for transforming an organization by discovering its purpose, communicating it genuinely, and energizing the whole of the enterprise in a way that results in unheard-of employee dedication and loyalty and previously unimaginable business success. A must-read for today’s leaders.”
—Jim Weddle, former CEO and retired Managing Partner, Edward Jones
 
“This book bridges the gap between the aspirational ‘feel good’ treatment of purpose and the single-minded focus on wealth creation that characterizes great organizations. Quinn and Thakor succeed marvelously in bringing purpose to life and making it work.”
—Arnoud Boot, Professor of Finance, University of Amsterdam; member, Royal Netherlands Academy of Arts and Sciences; Chairman, Bank Council, Dutch Central Bank; and member, Scientific Council for Government Policy
 
“Two outstanding professors, one in management and one in finance, have come together to see how an organization can be designed when those involved share a higher purpose. It should be read by all those interested in governance and organizational design.”
—Franklin Allen, Professor of Finance and Economics and Executive Director, Brevan Howard Centre, Imperial College London
 
“The authors not only demonstrate why authentic purpose-driven organizations do better but also provide specific steps for creating such an organization. This book is thoughtful, clear, and immensely useful.”
—Vic Strecher, Professor, University of Michigan, and founder and CEO, Kumanu, Inc.
 
“Quinn and Thakor create a powerful case and practical guide for why and how we should run into a burning building. Their eight counterintuitive steps for purpose-driven management are a must-read for leaders who understand that all you can command is attendance, and all the good stuff is given willingly by those that understand and share the higher purpose of their organization.”
—Jim Mallozzi, former Chairman and CEO, Prudential Real Estate and Relocation Services
 
“As an HR leader, I am constantly thinking about how to provide a richer, more meaningful work experience. The Economics of Higher Purpose provides a compelling blueprint to help our people connect to a deeper purpose in their work. If this is done well, work becomes more than a paycheck; it satisfies our desire to be a part of something bigger.”
—Shawn P. Patterson, Vice President of Organizational Effectiveness and Chief Learning Officer, DTE Energy
 
“In this book, Quinn and Thakor teach us a great yet challenging lesson: when we learn to look beyond profit maximization to a higher purpose, we learn to create lasting prosperity.”
—Charles C. Manz, Nirenberg Chaired Professor of Leadership, University of Massachusetts Amherst, and coauthor of Twisted Leadership and Twisted Teams
 
“In their new book, Quinn and Thakor share amazing insights and stories on how higher purpose turns everyone into a fully invested person. This volume is a profound playbook for those who want to unleash the human and economic power in the people around them.”
—Jim Haudan, Chairman, Root Inc.
 
“The authors take us on a compelling journey in which we discover the why and the how of creating organizations of higher purpose. Then they give us the gift of practical tools and exercises—it is a precious volume for those who want to make a difference.” 
—Nick Craig, author of Leading from Purpose
 
“It is one thing to state that meaning makes money. It is quite another to show why and how. This book offers eight specific, actionable steps for linking purpose and profits. It is an invitation to personal development and organizational flourishing.” 
—Dave Ulrich, Rensis Likert Professor, Ross School of Business, University of Michigan, and Partner, The RBL Group
 
“By discovering what has made some organizations so hugely successful, Thakor and Quinn give higher purpose the instrumental role it deserves in everybody's life project, large or small. They have written a fantastic, eye-opening book. It is both visionary and highly practical. I have followed their rules unknowingly for the better part of my life.”
—Jan Krahnen, Professor of Finance, Goethe University, and Founding Director, Sustainable Architecture for Finance in Europe

Robert E. Quinn seeks to inspire positive change in his work as a consultant, author, and professor. He has written 18 books, including the bestseller Deep Change. With 35 years of consulting experience, he is best known for the competing values framework, a tool used by thousands of managers. He is a fellow of the Academy of Management and the World Business Academy and a co-founder of the Center for Positive Organizations. He is a professor emeritus at University of Michigan's Ross School of Business.Anjan J. Thakor is the John E. Simon Professor of Finance at the Olin Business School at Washington University. Prior to that Thakor was The Edward J. Frey Professor of Banking and Finance at the Ross School of Business, University of Michigan, where he also served as chairman of the Finance area. In addition to serving on multiple university faculties, he has worked with numerous companies, including J.P. Morgan, Citigroup, Tyson Foods, AT&T, Borg-Warner Automotive, and Reuters.

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