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This Book Is An Exercise In Pure Theory At The Micro-Level. Abandoning The Traditional Concept Of Profit, As Being The Residual Difference Between Revenue And Cost, The Book Examines In Detail New Concepts Of Profit And Attempts At Determining The Behaviour Of Firms (Where Management And Ownership Is Separated) In Terms Of These New Profit Concepts. The Entire Gamut Of The Theories Of The Firm And The Theories Of Pricing And Output Determination Under Different Market Conditions Is Examined, To Establish How Conventional Analysis Leaves No Room For Firm S Growth, As The Surplus Generated By A Firm Exhausts Itself In Returns To Factor Inputs. A General Theory Of Profit Is Then Presented And The Relationship Between Profit And Other Variables, Notably Growth Is Examined, Within A Firm. An Attempt Is Made To Resolve The Conflict That May Arise In The Managerial Objectives And The Objectives Of The Firms (In The Long-Run) Where Ownership Is Separate From Management. Amitabha Mukherjee After A Distinguished Academic Career Obtained A First Class Master S Degree In Economics From Ranchi University (1976). He Obtained His Second Master S Degree In Managerial Economics And Administrative Science From William Marsh Rice University, Houston (1978). He Studied Comparative Economic And Political Stystems In Washington (1978). He Was Awarded His Ph.D. For His Thesis On Behaviour Of Firms (1983). He Carried Out His Post-Doctorate Research At Rice (1985) And At The University Of South Florida, Tampa, Florida, U.S.A. (1987).
This book explores a new theory of the firm produced through an exchange between management theory and economics. In the process economics is seen to provide a foundational element for strategy research whilst developing a more realistic theory of the firm with a greater emphasis on its internal features. The success of competence theories of the firm also reflects their ability to explain significant trends in the business world, notably the declining importance of conglomerates and critical features in the success of Asian and Japanese business.
Includes over 60 classic papers, these volumes collect together contributions on the theory of the firm, beginning with Ronald Coase's classic work of 1937 and ending with important papers published as late as 1998.
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Capital theory traditionally spans two major compartments of economic theory: the theory of production of both individual products and the total product, and the theory of the distribution of the aggregate product between the different classes of capitalist society. It has always been controversial, partly because the subject matter is difficult and partly because rival ideologies and value systems impinge directly on the subject matter. In the present book the various topics associated with the exchanges between the 'neo-Keynesians' and the 'neo-neoclassicals' are discussed and evaluated. The topics include the measurement of capital, the revival of interest in Irving Fisher's rate of return on investment, the double-switching debate, Sraffa's prelude to a critique of neoclassical theory, and the 'new' theories of the rate of profits in capitalist society.
Entrepreneurial finance is a discipline that studies financial resource mobilization, resource allocation, risk moderation, optimization in financial contracting, value creation, and value monetization within the context of entrepreneurship. However, without proper strategic consideration the discipline is incomplete. This book examines how the activity of entrepreneurial finance can be enhanced via a concentration on value creation and through improved strategic decision-making. The most unique feature of the book is its focus on value creation. For entrepreneurs, value creation is not a one-off activity, but rather a continuous cycle of incremental improvements across a wide range of business activities. Entrepreneurial value creation is described in four comprehensive stages: value creation, value measurement, value enhancement, and value realization, referred to as the C-MER model. This book focuses on what creates value rather than merely presenting value creation in a straight accounting framework. At the same time, deliberate and tactical planning and implementation ensure that the firm does not ignore the components necessary for it to survive and flourish.Vigorous strategic deliberations maximize the entrepreneurial firm’s chances of making the right business decisions for the future, enable the firm to manage its available financial and non-financial resources in the most optimal manner, ensure that the necessary capital is secured to progress the development of the firm to its desired development level, and build value. While financial considerations are important, the field of strategic entrepreneurial finance represents a fusion of three disciplines: strategic management, financial management, and entrepreneurship. This orientation represents a natural evolution of scholarship to combine specific domains and paradigms of naturally connected business disciplines and reflects the need to simultaneously examine business topics from different perspectives which may better encapsulate actual entrepreneurial practices.