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A study of price and the organization of firms using game theory and neoclassical economics.
This book brings together classic writings on the economic nature and organization of firms, including works by Ronald Coase, Oliver Williamson, and Michael Jensen and William Meckling, as well as more recent contributions by Paul Milgrom, Bengt Holmstrom, John Roberts, Oliver Hart, Luigi Zingales, and others. Part I explores the general theme of the firm's nature and place in the market economy; Part II addresses the question of which transactions are integrated under a firm's roof and what limits the growth of firms; Part III examines employer-employee relations and the motivation of labor; and Part IV studies the firm's organization from the standpoint of financing and the relationship between owners and managers. The volume also includes a consolidated bibliography of sources cited by these authors and an introductory essay by the editors that surveys the new institutional economics of the firm and issues raised in the anthology.
This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.
A famed political scientist's classic argument for a more cooperative world We assume that, in a world ruled by natural selection, selfishness pays. So why cooperate? In The Evolution of Cooperation, political scientist Robert Axelrod seeks to answer this question. In 1980, he organized the famed Computer Prisoners Dilemma Tournament, which sought to find the optimal strategy for survival in a particular game. Over and over, the simplest strategy, a cooperative program called Tit for Tat, shut out the competition. In other words, cooperation, not unfettered competition, turns out to be our best chance for survival. A vital book for leaders and decision makers, The Evolution of Cooperation reveals how cooperative principles help us think better about everything from military strategy, to political elections, to family dynamics.
This book brings together selections from the most influential writings on the internal economic organisation of business firms.
The Form of the Firm attempts to unveil the nature of the corporation as it exists in modern liberal societies. The author contends that economic theories understate the importance and danger of corporate power, and should be supplemented with a political analysis that foregrounds the sorts of political and moral values at stake in corporate activity.
Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License.
We must all hang together or surely we will all hang separately. Benjamin Franklin The significant apathy that characterized relationships between indus try and universities and the adversarial nature of relationships between industry and government have both faded rapidly in the 1980s as the realities of global competition have surfaced in the United States. Both industry and government leaders articulate a number of constructs for regaining our competitiveness in world markets. One of the more fre quent strategies prescribed in this new competitiveness era is cooperation. Different individuals or groups may espouse different definitions, inter pretations, or areas of emphasis, but the overall importance of this concept is substantial. Although examples of cooperative research have existed for several decades, the number and variety of relationships have expanded rapidly in the 1980s as corporations, universities, and governments have embraced this strategy. Joint ventures involving two or three firms increased from under 200 per year in the 1970s to over 400 per year by the mid-1980s. Multiple-firm cooperative arrangements are a more recent phenomenon, made possible by the National Cooperative Research Act of 1984. By mid- 1988,81 of these industry-level consortia had formed under the provisions of the 1984 Act. The rapid growth in cooperative research and development (R&D) is primarily a response to the pressures of international competition. As a corporate strategy, cooperative R&D meets short-term needs for assets to implement new approaches for coping with intensifying competition.