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Books > Business & Economics > Economics > Microeconomics
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The Corporation as Anomaly (Paperback, New ed)
Loot Price: R937
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The Corporation as Anomaly (Paperback, New ed)
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The marginalist theory of the corporation or firm, whose
characteristics were formally developed in the 1930s, represents a
major change in the development of traditional economic theory. In
this book, Professor Schrader, a philosopher of economics,
discusses the rise of the marginalist conception of the firm in the
context of economic thought over the past two centuries, and
explains why economists continue to defend a theory with
demonstrable shortcomings: the marginalist view of the firm retains
its support not through any comparative advantage in empirical or
predictive power, but by virtue of its being a part of the
predominant marginalist economic program. The clear problems that
beset the marginalist approach to the firm signal a general dilemma
for economic theory as a whole. Although economists generally
remain committed to both a methodological individualism and a
preference for non-intentional coordination of economic endeavor,
Schrader observes that the modern corporation by its very nature is
both a social collective and a locus of intentional coordination of
economic activity. An economic theory that does justice to a world
in which managerial corporations are among the key agents of
production and distribution must generate a theory of collective
action to bolster the theory of individual action that forms the
present basis for most economic thinking.
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