Firms, Organizations and Contracts: A Reader in Industrial Organization

By Peter J. Buckley; Jonathan Michie | Go to book overview

Contents
Introduction and Overview Peter J. Buckley and Jonathan Michie1
I. THEORY OF THE FIRM
1. The Equilibrium of the Firm Nicholas Kaldor23

Focuses attention on the size of the firm by reference to the behaviour of its costs as output rises and comes to a view that a fixed factor--entrepreneurship or co-ordination--is a necessary element of explanation.

2. The Nature of the Firm R. H. Coase40

A truly seminal article which explains the existence and scope of the firm as a consequence of the costs of market transactions.

3. The Organization of Industry G. B. Richardson59

Shows that a simple firm/market dichotomy misses the essence of business behaviour, for in reality the firm enters into many different collaborative relationships.

4. Production, Information Costs, and Economic Organization Armen A. Alchian and Harold Demsetz75

Team production is crucial in firms, therefore difficulties of metering outputs and monitoring workers are essential elements of management.

5. Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure Michael C. Jensen and William H. Meckling103

This article goes inside the 'black box' of the firm to illustrate the nature and incidence of the costs of monitoring and motivating agents working on behalf of a principal.

-viii-

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Firms, Organizations and Contracts: A Reader in Industrial Organization
Table of contents

Table of contents

  • Title Page iii
  • Preface and Acknowledgements v
  • Acknowledgements vi
  • Contents viii
  • List of Contributors xi
  • Foreword xiii
  • Introduction and Overview 1
  • Notes 18
  • References 20
  • I. THEORY OF THE FIRM 21
  • 1: The Equilibrium of the Firm 23
  • 2: The Nature of the Firm 40
  • 3: The Organization of Industry 59
  • 4: Production, Information Costs, and Economic Organization 75
  • Summary 95
  • Notes 96
  • References 102
  • 5: Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure 103
  • Conclusions 151
  • Notes 151
  • References 163
  • 6: Transaction-Cost Economics: The Governance of Contractual Relations 168
  • Conclusion 192
  • 7: An Economist's Perspective on the Theory of the Firm 199
  • Conclusion 212
  • Notes 212
  • II. MARKETS AND INDUSTRIAL ORGANIZATION 219
  • 8: Corporate Culture and Economic Theory 221
  • Introduction 221
  • Conclusion 261
  • Appendix 262
  • Appendix 271
  • Appendix 273
  • References 274
  • 9: Co-operative Agreements and the Organization of Industry 276
  • References 292
  • 10: Interpenetration of Organization and Market: Japan's Firm and Market in Comparison with the US 293
  • Conclusion 317
  • References 319
  • 11: Vertical Quasi-Integration 320
  • Conclusions 336
  • Notes 337
  • 12: Non-Contractual Relations In Business: A Preliminary Study 339
  • 13: Goodwill and the Spirit of Market Capitalism 359
  • III. JOINT VENTURES, NETWORKS, AND] CLANS 383
  • III. JOINT VENTURES, NETWORKS, AND] CLANS 385
  • References 407
  • 15: Joint Ventures 410
  • Conclusion 427
  • References 428
  • 16: Organizations: New Concepts for New Forms 429
  • Conclusion 440
  • Notes 441
  • 17: Markets, Bureaucracies, and Clans 442
  • References 456
  • Notes 459
  • References 473
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