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Author: Daniel Bradtke
Publisher: GRIN Verlag
ISBN: 3638797201
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Seminar paper from the year 2004 in the subject Economics - Macro-economics, general, grade: 1,6, University of Wales, Newport, course: Course Title: Decision Making (B.Sc. Business Undergraduate Programme), 15 entries in the bibliography, language: English, abstract: For a long time, economists have seen the firm as a black box, arguing that firms maximise profits. Without following this ultimate goal, economists say that organisations would not survive in competitive markets (Makamason, 2004). In order not to be replaced, managers would have to comply with the objective of profit (value) maximisation. Hart (1989) says that this "neoclassical" view of the firm has been challenged considerably over the last three decades due to theoretical developments and increasing empirical evidence that managers may not pursue shareholder interests. The key assumptions of the traditional theory of the firm are maximisation of profit and decision making under conditions of perfect knowledge (Nellis and Parker, 2002). By ignoring many other involved complexities, this neoclassical approach has the ability to predict corporate behaviour in perfectly competitive and monopoly market structures. The maximisation assumption portrays the firm as a "single market, single product asset of the owner who adapts a production plan in response to changing market conditions" (Makamason, 2004). Its prolonged survival is due to the useful analysis of how a firm's production choices respond to exogenous change in the environment. Such an example being an increase in wages or a sales tax (Loasby, 1989).
Author: Daniel Bradtke
Publisher: GRIN Verlag
ISBN: 3638797201
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Seminar paper from the year 2004 in the subject Economics - Macro-economics, general, grade: 1,6, University of Wales, Newport, course: Course Title: Decision Making (B.Sc. Business Undergraduate Programme), 15 entries in the bibliography, language: English, abstract: For a long time, economists have seen the firm as a black box, arguing that firms maximise profits. Without following this ultimate goal, economists say that organisations would not survive in competitive markets (Makamason, 2004). In order not to be replaced, managers would have to comply with the objective of profit (value) maximisation. Hart (1989) says that this "neoclassical" view of the firm has been challenged considerably over the last three decades due to theoretical developments and increasing empirical evidence that managers may not pursue shareholder interests. The key assumptions of the traditional theory of the firm are maximisation of profit and decision making under conditions of perfect knowledge (Nellis and Parker, 2002). By ignoring many other involved complexities, this neoclassical approach has the ability to predict corporate behaviour in perfectly competitive and monopoly market structures. The maximisation assumption portrays the firm as a "single market, single product asset of the owner who adapts a production plan in response to changing market conditions" (Makamason, 2004). Its prolonged survival is due to the useful analysis of how a firm's production choices respond to exogenous change in the environment. Such an example being an increase in wages or a sales tax (Loasby, 1989).
Author: Michael Pirson
Publisher: Routledge
ISBN: 1000515893
Category : Business & Economics
Languages : en
Pages : 324
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Book Description
The Theory of the Firm is commonly viewed as axiomatic by business school academicians. Considerations in spanning organizational structures, their boundaries and roles, as well as business strategies all relate to the Theory of the Firm. The dominant Theory of the Firm poses that markets act perfectly to maximize the well- being of society when people act to maximize the personal utility of their individual purchases and firms act to maximize financial returns to their owners. However, burgeoning evidence and discourse across the scientific and policy communities suggests that the economic, social, and environmental consequences of accepting and applying this theory in the organization of business and society threaten the survival of the human species, among countless others. This book provides the latest thinking on alternatives to the Theory of the Firm as cornerstone of managerial decision-making. Authors explore and elucidate theories that help us understand a firm differently and suggest alternatives to the Theory of the Firm. This book will be of value to researchers, academics, practitioners, and students interested in leadership, strategic management, and the intersection of corporate interests and the well-being of the society.
Author: Mateusz Machaj
Publisher: Routledge
ISBN: 1000412849
Category : Business & Economics
Languages : en
Pages : 164
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Book Description
Neoclassical economics has been criticized from various angles by orthodox schools. The same can be said about its particular branch: the theory of the firm. This book demonstrates how a successful theory of the firm can be presented without flawed notions of a neoclassical framework and used to comprehend actual business history. The author argues that we should start from the assumption that businesses are inevitably imponderable, as that is their nature, in the process of economic evolution. The book offers an in-depth exploration of neoclassical limitations by examining each of the small details associated with the famous MR = MC rule. It follows a step-by-step approach, which starts off with neoclassical assumptions and then moves into more empirically sound theory, based on modeling logic and rooted in real world examples. The author presents a novel discussion on the size of the firm, both in terms of classifying a firm’s expansion and about the factors that limit the size of the firm and argues how formal pricing theory can be built using more indeterminate assumptions about firms. Further, there is a discussion on how firms are rooted in amorphous industries, which helps to explain economic progress better by emphasizing the importance of economic experiments, mistakes and bankruptcies. This is a valuable reference for scholars and researchers who are interested in a range of topics from microeconomics, through pricing theory to industrial organization, history of economic thought and managerial economics.
Author: Yuri Biondi
Publisher: Routledge
ISBN: 1134122128
Category : Business & Economics
Languages : en
Pages : 400
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Book Description
The book enhances current economic understanding of the firm as an institution and an organization, looking beyond the narrow boundaries of neoclassical economics to an interdisciplinary approach based on accounting and law as well as economics itself. It represents the first synthesis of the authors' research work on the subject and provides the groundwork for the development of a comprehensive framework centred on the firm as an entity. The volume starts with a synthesis and a critique of the current state of the different economic theories of the firm and further develops them through new insights and neglected lessons from different traditions of thought. The economic theory and analysis of the firm is given new life here by looking at the firm as a whole: as an institution and an organization, which has special functions and a distinct role in the economy and society.
Author: John Robert Hiller
Publisher:
ISBN:
Category : Microeconomics
Languages : en
Pages : 320
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Book Description
Author: Nicolai J. Foss
Publisher: Taylor & Francis
ISBN: 9780415196383
Category : Agentteori
Languages : en
Pages : 488
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Book Description
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.
Author: J. R. Wildsmith
Publisher: New York : Dunellen
ISBN:
Category : Business & Economics
Languages : en
Pages : 152
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Book Description
Author: Paul Walker
Publisher: Routledge
ISBN: 1317277023
Category : Business & Economics
Languages : en
Pages : 345
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Book Description
Firms are a ubiquitous feature of the economic landscape, with much of the activity undertaken within an economy taking place within their boundaries. Given the size of the contribution made by firms to economic activity, employment and growth, having a theoretical understanding of the nature and structure of firms is crucial for understanding how an economy functions. The Theory of the Firm firstly offers a brief overview of the past, consisting of a concise discussion of the classical view of production, followed by an outline of the development of the neoclassical - or ‘textbook’ - approach to firm level production. Secondly, the ‘present’ of the theory of the firm is discussed in three sections. The first section considers the post-1970 theory of the firm literature per se, while the second section scrutinises the relationship between the three most prominent of the modern sets of theories: the reference point, property rights and transaction cost approaches. The third section looks at the theory of privatisation. The unique aspects of this book includes its discussions of the post-1970 contributions to the theory of the firm; the integration of the theory of the entrepreneur with the theory of the firm; and the theory of privatisation. This volume offers an intuitive introduction to the theories of the firm as well as simple formal models of the most important contributions to the literature. It also outlines the historical evolution of the traditional and modern theories of the firm. This book is of great interest to those who study history of economic thought, industrial economics and organizational studies.
Author: Richard Michael 1921- Cyert
Publisher: Hassell Street Press
ISBN: 9781015087965
Category :
Languages : en
Pages : 360
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Book Description
This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: Daniel F. Spulber
Publisher: Cambridge University Press
ISBN: 0521517389
Category : Business & Economics
Languages : en
Pages : 542
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Book Description
The Theory of the Firm presents an innovative general analysis of the economics of the firm.
