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This second edition examines how one makes a decision and the factors that influence that decision.
Formal economic analysis using Shackle's ideas of historical time and nonprobabilistic uncertainty
Holt argues strategy is the process by which an organization presents itself to itself and others. To bring this about exponents of strategic inquiry attempt t gather knowledge about the conditions in which any organization is being organized: emerging markets, restless geo-political environments, networks of technological ordering, populations with differing skill sets, and the like. The upshot of such inquiry is a succession of images by which an organization attains distinction as a unity, or 'self'. Using work from literature, art, and philosophy, Holt explores what it means to present such an organizational 'self'. In strategy practice, he identifies three related forms of presentation. First comes strategy as a project of representational knowledge. Here strategists generate accurate, timely, and complex information to build successive images of the organization and its place in the world. Though pervasive and persistent, these overtly technical images remain subject to the basic skeptical challenge that things could be otherwise. In response, come the second and third forms of self presentation: the creation of visionary images, or assertions of competitive brute will. Here too come problems. With vision comes the risk of collective thoughtlessness, and with brute will a one dimensional condition of aquisitive competition. Holt suggests judgment offers another way of responding to the skeptics' challenge. Tracing a narrative through the ideas of David Hume, Immanuel Kant, Adam Smith, William Shakespeare, William Hazlitt, Hannah Arendt, Stanley Cavell, Harold Pinter, Virginia Woolf, Martha Nussbaum and others, Holt finds much might be gained from associating strategic inquiry with a form of critical or poetic spectating. It is, he argues, by having this un-homely sense of 'being besides' oneself that an organization can best present itself to itself and others.
This is a practical and accessible guide for students, filled with international case studies, which illustrate the framework of the book (valuation under uncertainty), as well as, a host of discussion questions to aid learning. Provides a unique and more comprehensive approach than competing texts, explaining variations in valuation outcomes by drawing on the psychological foundations of valuation theory. For educators it will help to widen the lens on what truly should be considered when valuing property.
This new edition of The Economics of Business Enterprise provides a comprehensive survey of the theory of the firm from the perspective of New Institutional Economics. It continues to emphasise the role of the entrepreneur within the firm and the emergence of institutional responses to rent seeking. Neoclassical, Transactions Cost, Austrian, Public Choice and Property Rights perspectives are contrasted and used to analyse private governance arrangements, contemporary developments in organisational form such as ‘the sharing economy’ and the regulatory framework.
An examination of the role of money in a dynamic economy within the context of theoretical developments both within and in opposition to, the Quantity Theory tradition. Emphasis is on the dangers of basing economic policy on macroeconomic analysis.
This book should be welcomed by post Keynesian economists, microeconomists and those interested in international economics.
A collection of papers dicussing unknowledge and choice in economics. The topics focus especially on G.L.S.Shackle's theories and his place in subjectivist thought but also include time, choice and dynamics in economics and interest rates and investment decisions.