Confucius Three-stage Learning of Risk Management

Desheng Dash Wu and David L. Olson
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Desheng Dash Wu: Stockholm University
David L. Olson: University of Nebraska

Chapter 20 in Enterprise Risk Management in Finance, 2015, pp 215-220 from Palgrave Macmillan

Abstract: Abstract During my class of risk management, I teach a Confucius three-step approach of learning risk management to my students. Students seem to be well-motivated to learn this interdisciplinary course using my approach. Confucius, a philosopher born in 551 BCE during the Chou dynasty, may well be one of the most influential philosophers in history.1 He wandered all around China, trying to serve as an adviser to various rulers in the Spring-Autumn period. Confucius, his students and many other followers developed ‘Four Books’ in Confucianism. One of the most significant was ‘The Great Learning’, which addresses classical themes of Chinese philosophy and political issues, and has been extremely popular and very influential in both traditional and modern Chinese thinking. ‘Eight steps’ were developed showing how to ‘investigate things,’ which becomes one of the first stages to understanding ‘The Great Learning’.2 Three famous steps are expressed: Wishing to order well their States, they first regulated their families. Wishing to regulate their families, they first cultivated their persons. Their persons being cultivated, their families were regulated. Their families being regulated, their States were rightly governed.

Keywords: Risk Management; Systemic Risk; Adverse Selection; Chinese Philosophy; Capital Asset Price Model (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-46629-7_20

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DOI: 10.1057/9781137466297_20

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