Foundations of Organisational Economics: Histories and Theories of the Firm and Production delves into a range of key topics to do with the history of the mainstream approach to the theory of production and the theory of the firm. This includes the frameworks used to analyse production, the division of labour and its application to the firm and the development of the neoclassical model of production. The first topic explored is the change from a normative approach to a largely positive approach to the analysis of the theory of production, which occurred around the seventeenth century. The next topic is an examination of the relationship (or the lack of a relationship) between the division of labour and the theory of the firm. In the fourth chapter, the focus is on the development of the proto-neoclassical approach to production. Here, the development of the theories of monopoly, oligopoly and perfect competition are discussed, as well as the theory of input utilisation. Chapter 5 looks at Marshall’s idea of the representative firm, which was the main early neoclassical approach to the theory of industry-level production. The penultimate chapter considers the criticisms made of the neoclassical model between 1940 and 1970. This work is an illuminating reference for students and researchers of the history of economic thought, industrial organisation, microeconomic theory and organisational studies.
(E-book available via MyiLibrary) In even the most market-oriented economies, most economic transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.
Presenting the foundations of an integrated theory of organizations, Jensen argues that the cost of transferring information necessitates decentralization of some decision rights in organizations and economies. This in turn requires organizations to solve the control problem that results when self-interested persons do not behave as perfect agents.
The theoretical foundations of management strategy are identified and outlined in this text. Five theories are considered in the light of questions about how organisations operate efficiently, cost minimization, wealth creation, individual self-interest, and continued growth.
A graduate textbook on microeconomics, covering decision theory, game theory, and the foundations of contract theory, with a unique focus on the empirical. This graduate-level text on microeconomics, covering such topics as decision theory, game theory, bargaining theory, contract theory, trade under asymmetric information, and relational contract theory, is unique in its emphasis on the interplay between theory and evidence. It reviews the microeconomic theory of exchange “from the ground up,” aiming to produce a set of models and hypotheses amenable to empirical exploration, with particular focus on models that are useful for the study of contracts, institutions, and organizations. It explores research that extends price theory to the exchange of commodities when markets are incomplete, discussing recent developments in the field. Topics covered include the relationship between theory and evidence; decision theory as it is used in contract theory and institutional design; game theory; axiomatic and strategic bargaining theory; agency theory and the class of models that are considered to constitute contract theory, with discussions of moral hazard and trade with asymmetric information; and the theory of relational contracts. The final chapter offers a nontechnical review that provides a guide to which model is the most appropriate for a particular application. End-of-chapter exercises help students expand their understanding of the material, and an appendix provides brief introduction to optimization theory and the welfare theorem of general equilibrium theory. Students are assumed to be familiar with general equilibrium theory and basic constrained optimization theory.
"Foundations of Organisational Economics: Histories and Theories of the Firm and Production delves into a range of key topics to do with the history of the mainstream approach to the theory of production and the theory of the firm. This includes the frameworks used to analyse production, the division of labour and its application to the firm and the development of the neoclassical model of production. The first topic explored in the work is the change from a normative approach to a largely positive approach to the analysis of the theory of production, which occurred around the 17th century. The next topic is an examination of the relationship (or the lack of a relationship) between the division of labour and the theory of the firm. In the fourth chapter, the work goes on to focus on the development of the proto-neoclassical approach to production. Here, the development of the theories of monopoly, oligopoly and perfect competition are discussed as well as the theory of input utilisation. Chapter five looks at Marshall's idea of the representative firm, which was the main early neoclassical approach to the theory of industry-level production. The penultimate chapter considers the criticisms made of the neoclassical model between 1940 and 1970. This work is an illuminating reference for students and researchers of the history of economic thought, industrial organization, microeconomic theory, and organizational studies. Paul Walker is an Economist based in Christchurch, New Zealand. He received his PhD in Economics from the University of Canterbury, Christchurch, New Zealand. His research is mainly to do with the history of economic thought and the theory of the firm. He is author of "The Theory of the Firm: An Overview of the economic mainstream" and "A Brief Prehistory of the Theory of the Firm", both published by Routledge"--
The 2008 financial crisis, the rise of Trumpism and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks continue to praise conventional policies such as deregulation and hyperglobalization. This textbook demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in the mainstream models. Bringing together the work of key scholars, such as Kahneman, Minsky, and Schumpeter, this book demonstrates how we should take into account the inefficiencies that arise due to asymmetric information, mental biases, unequal distribution of wealth and power, and the manipulation of demand. This textbook offers students a valuable introductory text with insights into the workings of real markets not just imaginary ones formulated by blackboard economists. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching. Instead of clinging to an ideology that only enriched the 1%, Komlos sketches the outline of a capitalism with a human face, an economy in which people live contented lives with dignity instead of focusing on GNP.
Economics is the mother tongue of public policy. It dominates our decision-making for the future, guides multi-billion-dollar investments, and shapes our responses to climate change, inequality, and other environmental and social challenges that define our times. Pity then, or more like disaster, that its fundamental ideas are centuries out of date yet are still taught in college courses worldwide and still used to address critical issues in government and business alike. That’s why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does. Along the way, she points out how we can break our addiction to growth; redesign money, finance, and business to be in service to people; and create economies that are regenerative and distributive by design. Named after the now-iconic “doughnut” image that Raworth first drew to depict a sweet spot of human prosperity (an image that appealed to the Occupy Movement, the United Nations, eco-activists, and business leaders alike), Doughnut Economics offers a radically new compass for guiding global development, government policy, and corporate strategy, and sets new standards for what economic success looks like. Raworth handpicks the best emergent ideas—from ecological, behavioral, feminist, and institutional economics to complexity thinking and Earth-systems science—to address this question: How can we turn economies that need to grow, whether or not they make us thrive, into economies that make us thrive, whether or not they grow? Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers.
ÔThis excellent volume brings together some of the most interesting writings on economic organization. It covers a vast range of topics that fall under the heading of economic organization, and most if not all aspects of a variety of organizational economics and organization theories are presented. Interestingly, this book also extends beyond the more traditional approaches informed by economics and organization theory as it broadens the horizon of the field by including relevant contributions from economic sociology, cognitive psychology, law, and strategic management. Given its breadth and depth, this volume will become one of the standard reference books that will inspire both theoretical and empirical research.Õ Ð John Hagedoorn, Maastricht University, The Netherlands ÔThis important new Handbook of Economic Organization is a highly successful attempt to integrate economic and organization theory. Anna Grandori, who is herself a leading scholar located at the boundaries of economics and organization theory, is to be congratulated on doing a superb job bringing together such a high profile group of internationally acknowledged scholars. Each of the essays in the book are original and contribute to demonstrating the valuable insights that economics can make to our understanding of organization and organizational design. Anna GrandoriÕs introductory and concluding chapters are not only excellent audits of the current state of our knowledge in this field but they also give a strong sense of direction for the possible futures of the discipline. Anna Grandori is not afraid to face head on some of the more philosophical issues relating to ÒorganizationÓ as an object of study and is to be commended for doing so. The economics of organization is a new, exciting and developing field and the essays in this book will help to shape the research agenda that will take this emergent discipline to its next stage.Õ Ð Peter M. Jackson, University of Leicester, UK ÔThis sweeping, comprehensive volume is a signal effort in building bridges between economics and organization theory. With a stellar cast of contributors, it will both inspire and provoke scholars with its grand amibitions, and generate considerable attention and debate. A remarkable effort by Anna Grandori.Õ Ð Walter W. Powell, Stanford University, US ÔAnna Grandori has astutely organized the commissioned chapters of an intellectually diverse set of scholars into an absolutely outstanding contribution that both defines the current state of organizational economics and points the perceptive reader toward an exciting intellectual future. From traditional research areas to the newest topics of interest, the chapters chart the current boundaries of the field. The chapters are filled with gems of insight across several distinct levels of analysis, whether it is a discussion of organizational design, or psychological economics or innovation or the organization as language, the discussions are contemporary, comprehensive and challenging. No serious scholar of organizational economics should be without this book.Õ Ð Richard N. Osborn, Wayne State University, US This comprehensive and groundbreaking Handbook integrates economic and organization theories to help elucidate the design and evolution of economic organization. Economic organization is regarded both as a subject of inquiry and as an emerging disciplinary field in its own right, integrating insights from economics, organization theory, strategy and management, economic sociology and cognitive psychology. The contributors, who share this integrated approach, are distinguished scholars at the productive peak in their fields. Each original, state-of-the art chapter not only addresses foundational issues, but also identifies key issues for future research. This original and wide-ranging Handbook will be a useful and thought-provoking read for academics, students and researchers in the fields of organization, management and economics.
Foundations of Economics breathes life into the discipline by linking key economic concepts with wider debates and issues. By bringing to light delightful mind-teasers, philosophical questions and intriguing politics in mainstream economics, it promises to enliven an otherwise dry course whilst inspiring students to do well. The book covers all the main economic concepts and addresses in detail three main areas: * consumption and choice * production and markets * government and the State. Each is discussed in terms of what the conventional textbook says, how these ideas developed in historical and philosophical terms and whether or not they make sense. Assumptions about economics as a discipline are challenged, and several pertinent students' anxieties ('Should I be studying economics?') are discussed.
