This definition of management refers to a “program”. This implies that, for management to be effective, there needs to be some type of defined approach or system in place. This system becomes the plan and management is guiding others in following that plan. This is often the downfall of managers. They have no plan or system. As a result their actions seem random to the people they are managing and this leads to confusion and disappointment. This is why it is so important for business managers to have an employee manual. Without the employee manual providing direction, managers will struggle to be fair and balanced in their dealings with employees.
Alfred Marshall provides a still widely cited definition in his textbook Principles of Economics (1890) that extends analysis beyond wealth and from the societal to the microeconomic level, creating a certain synthesis of the views of those still more sympathetic with the classical political economy (with social wealth focus) and those early adopters of the views expressed in the Marginal Revolution (with individual needs focus). Marshall's inclusion of the expression wellbeing was also very significant to the discussion on the nature of economics: