The Management of Capital

The Australasian Institute of Cost Accountants Bulletin, June 1965, Volume 9, No 3, Price 4/-

                                EDITORIAL

    Fashions in word-use come and go––currently “sophisticated” is being applied to many management techniques that on closer view turn out to be merely older ideas dressed in newer jargon.    In Australia, our thinking resources are perhaps spread a little too thinly, or bound to the daily grind a little too tightly, for much really original work.  The hothouse may also be a little too small to force growth to the degree that a larger and more bustling industrial environment might.  For these and other reasons we seem to be driving the year-before-last’s model in many of the newer “sophisticated” techniques that should be enabling management accounting to serve management by providing good equipment.  To the extent that we fail to keep ahead of the times we tend to regress in reputation.  This preamble is probably unnecessary but it may serve to make members of the Institute a little more aware that changes are continually on the wing and that we must catch them as they fly.  In this number we are fortunate that one of our Melbourne University graduates has returned with an M.B.A. from Harvard coupled with a drive to pass on some of the advanced ideas which have come his way.  We are sure they will be well received.