The "raison d'etre" of all universities is to create and deliver "academic value", which we define as the sum total of the contributions from the 360-degree "angles" of the academic community, including all categories of staff, as well as external stakeholders (e.g. regulatory, commercial, professional and community interests). As a way to conceptualise these complex relationships, we present the "academic wheel" to illustrate the structural nature of them. We then discuss the implications of the different--and sometimes difficult--perspectives of academic, professional and administrative groups in the context of a number of important social psychological processes. We ask whether it is possible to reconcile, what is sometimes perceived as, managerial Taylorism with the academic freedom of (Laurie) Taylorism. We conclude that recognition and active management of these processes are required for each university to optimise its own brand of "core academic value".