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When originally released, Frank Hyneman Knight’s The Economic Organization revitalized the teaching of economic theory in America during the 1930s, laying the foundation for the price theory revolution led by economists emerging from Knight’s circle at The University of Chicago. Knight shows that when societies choose to allow market organization, their economy simultaneously solves the fundamental functions of valuation and efficiency. It also organizes the production and distribution of resources, providing incentives for progress. The Economic Organization provides a short introduction to the basic principles of supply, demand, and distribution that emerge from neoclassical price theory. The central role of the price mechanism in market organization is illustrated neatly by Knight’s "wheel of wealth"—the circular flow diagram most often identified with macroeconomic flows, but introduced here for price theoretic reasons. This version also includes his essay on "Utility and Cost," which provides a seamlessly integrated alternative-cost interpretation of neoclassical theory. This expanded edition of The Economic Organization includes a new introduction by Ross B. Emmett, which expands upon the short note on capital theory inserted in the original. Knight wrote three versions of the note for student use, and all three are included in the second chapter. Few books have changed the landscape of American economics and economic education as much as Knight’s The Economic Organization. This book should be read by all economists, historians, and policy makers.
The text surveys the entire field of the modern economics of the household.
This bookis an introduction to Max Weber’s ambitious comparative study of the sociological and institutional foundations of the modern economic and social order. In this work originally published in German in 1920, Weber discusses the analytical methods of sociology and, at the same time, presents a devastating critique of prevailing sociological theory and of its universalist, determinist underpinnings. None of Weber’s other writings offers the reader such a grasp of his theories; none displays so clearly his erudition, the scope of his interests, and his analytical powers.
(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.
An assessment of the first Soviet economic system, comparing programmes with outsomes, and theory with practice.
In this book, Kenneth Hirth provides a comparative view of the organization of ancient and premodern society and economy. Hirth establishes that humans adapted to their environments, not as individuals but in the social groups where they lived and worked out the details of their livelihoods. He explores the variation in economic organization used by simple and complex societies to procure, produce, and distribute resources required by both individual households and the social and political institutions that they supported. Drawing on a wealth of archaeological, historic, and ethnographic information, he develops and applies an analytical framework for studying ancient societies that range from the hunting and gathering groups of native North America, to the large state societies of both the New and Old Worlds. Hirth demonstrates that despite differences in transportation and communication technologies, the economic organization of ancient and modern societies are not as different as we sometimes think.
The reappearance of a book written and published before its time