Abstract
Not since the Italian scientist-monk, Luca Pacioli, codified the double-entry accounting system based on Arabic algebra in the 15th century has there been as potentially significant a contribution to the economic literature by a non-business scholar as is represented in the fledgling Theory of Constraints. Born in the brain of an Israeli physicist, Eilyahu M. Goldratt, this new theory poses a significant challenge to the domination of cost accounting methods in the management of business enterprises. This article describes in non-technical terms the major philosophical differences between current economic cost accounting methods and this relatively undeveloped new theory of the firm. Its primary purpose is to motivate an interest in the Theory of Constraints.
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