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The Economic Nature of the Firm
A Reader

3rd Edition

$44.00 (Z)

textbook
Adam Smith, Karl Marx, A. A. Berle, G. C. Means, Friedrich Hayek, Luigi Zingales, Ronald Coase, Benjamin Klein, Robert Crawford, Armen Alchian, Oliver Williamson, Paul Milgrom, John Roberts, Bengt Holmstrom, Harold Demsetz, Samuel Bowles, Herbert Gintis, Michael Wachter, Jeffrey Harris, Truman Bewley, John Pencavel, Henry Manne, Eugene Fama, Michael Jensen, William Meckling, Clifford G. Holderness, Randall S. Kroszner, Dennis P. Sheehan, Lucian Arye Bebchuk, Jesse M. Fried, Oliver Hart, Louis Putterman
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  • Date Published: September 2009
  • availability: Manufactured on demand: supplied direct from the printer
  • format: Paperback
  • isbn: 9780521141772

$44.00 (Z)
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About the Authors
  • This book brings together classic writings on the economic nature and organization of firms, including works by Ronald Coase, Oliver Williamson, and Michael Jensen and William Meckling, as well as more recent contributions by Paul Milgrom, Bengt Holmstrom, John Roberts, Oliver Hart, Luigi Zingales, and others. Part I explores the general theme of the firm’s nature and place in the market economy; Part II addresses the question of which transactions are integrated under a firm’s roof and what limits the growth of firms; Part III examines employer-employee relations and the motivation of labor; and Part IV studies the firm’s organization from the standpoint of financing and the relationship between owners and managers. The volume also includes a consolidated bibliography of sources cited by these authors and an introductory essay by the editors that surveys the new institutional economics of the firm and issues raised in the anthology. The collection aims to introduce the core literature to advanced undergraduates, business and economics graduate students, and scholars in allied disciplines, including law, sociology, and organization and management.

    • Only collection of its kind to include classic articles such as Coase's 'The Nature of the Firm' and Alchian/Demsetz's 'Production, Information Costs, and Economic Organization'
    • Important contributions published as far back as 1776 and as recently as 2003
    • Articles are accessible without knowledge of mathematical economic theory
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    Product details

    • Edition: 3rd Edition
    • Date Published: September 2009
    • format: Paperback
    • isbn: 9780521141772
    • length: 400 pages
    • dimensions: 229 x 152 x 23 mm
    • weight: 0.59kg
    • contains: 10 b/w illus. 3 tables
    • availability: Manufactured on demand: supplied direct from the printer
  • Table of Contents

    Preface: reintroducing the economic nature of the firm
    Part I. Within and Among Firms: The Division of Labor:
    1. From The Wealth of Nations Adam Smith
    2. From Capital Karl Marx
    3. From Risk, Uncertainty and Profit Frank Knight
    4. From The Modern Corporation and Private Property A. A. Berle and G. C. Means
    5. The use of knowledge in society Friedrich Hayek
    6. Corporate governance Luigi Zingales
    Part II. The Nature of the Firm:
    7. The nature of the firm Ronald Coase
    8. Vertical integration, appropriable rents, and the competitive contracting process Benjamin Klein, Robert Crawford, and Armen Alchian
    9. The governance of contractual relations Oliver Williamson
    10. The limits of firms: incentive and bureaucratic features Oliver Williamson
    11. Bargaining costs, influence costs, and the organization of economic activity Paul Milgrom and John Roberts
    12. The boundaries of the firm revisited Bengt Holmstrom and John Roberts
    Part III. The Employment Relation, the Human Factor and Internal Organization:
    13. Production, information costs, and economic organization Armen Alchian and Harold Demsetz
    14. Contested exchange
    new microfoundations for the political economy of capitalism Samuel Bowles and Herbert Gintis
    15. Understanding the employment relation: the analysis of idiosyncratic exchange Oliver Williamson, Michael Wachter, and Jeffrey Harris
    16. Multitask principal-agent analyses: incentive contracts, asset ownership, and job design Bengt Holstrom and Paul Milgrom
    17. Work motivation Truman Bewley
    18. From Worker Participation John Pencavel
    Part IV. Finance and the Control of the Firm:
    19. Mergers and the market for corporate control Henry Manne
    20. Agency problems and the theory of the firm Eugene Fama
    21. Theory of the firm: managerial behavior, agency costs, and ownership structure Michael Jensen and William Meckling
    22. Organizational forms and investment decisions Eugene Fama and Michael Jensen
    23. The rise in managerial stock ownership Clifford G. Holderness, Randall S. Kroszner, and Dennis P. Sheehan
    24. Executive compensation as an agency problem Lucian Arye Bebchuk and Jesse M. Fried
    25. An economist's perspective on the theory of the firm Oliver Hart
    26. Ownership and the nature of the firm Louis Putterman.

  • Editors

    Randall S. Kroszner, Booth School of Business, University of Chicago
    Randall S. Kroszner is the Norman R. Bobins Professor of Economics at the University of Chicago's Booth School of Business, which he joined in 1990. He was a member of the President's Council of Economic Advisers in Washington, DC, from 2001 to 2003. From March 2006 to January 2009 Professor Kroszner served as a Governor on the Board of Governors of the Federal Reserve Board. A specialist in the regulation of banking and financial institutions, corporate governance, international financial crises, debt restructuring, and monetary economics, he served as director of the George J. Stigler Center for the Study of the Economy and editor of the Journal of Law and Economics. Professor Kroszner received his Ph.D. from Harvard University in 1990.

    Louis Putterman, Brown University, Rhode Island
    Louis Putterman is Professor of Economics at Brown University, where he has taught since 1980. He is coauthor of Economics of Cooperation and the Labor-Managed Economy (1987, with John Bonin), author of Division of Labor and Welfare (1990), coeditor of Economics, Values, and Organization (1998, with Avner Ben-Ner), and author of Dollars and Change: Economics in Context (2001). Professor Putterman's current research interests focus on experimental economics and development and international economics, particularly the economics of China. He edited the first edition of The Economic Nature of the Firm and coedited the second edition with Professor Kroszner. Professor Putterman received his Ph.D. from Yale University in 1980.

    Contributors

    Adam Smith, Karl Marx, A. A. Berle, G. C. Means, Friedrich Hayek, Luigi Zingales, Ronald Coase, Benjamin Klein, Robert Crawford, Armen Alchian, Oliver Williamson, Paul Milgrom, John Roberts, Bengt Holmstrom, Harold Demsetz, Samuel Bowles, Herbert Gintis, Michael Wachter, Jeffrey Harris, Truman Bewley, John Pencavel, Henry Manne, Eugene Fama, Michael Jensen, William Meckling, Clifford G. Holderness, Randall S. Kroszner, Dennis P. Sheehan, Lucian Arye Bebchuk, Jesse M. Fried, Oliver Hart, Louis Putterman

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