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Books > Business & Economics > Business & management > Ownership & organization of enterprises
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The Economics of Adaptation and Long-term Relationships (Hardcover)
Loot Price: R3,171
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The Economics of Adaptation and Long-term Relationships (Hardcover)
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Do institutions matter in economic theory? Or is the economic
analysis of institutions a distraction from the most important
action? Indeed, does Vernon Smith's notion of the "institution-free
core" of formal economic theory encompass that most important
action? Would that render an "economics of organization" almost
devoid of economic content? The author takes up an approach that is
more agnostic, inter-disciplinary and even a little irreverent.
What can theory do and not do? Theory can stimulate questions about
how parties manage competing demands for commitment and flexibility
in their relationships but what blind spots persist? The book opens
with an informal tour of the economics of system design out of
which an economics of adaptation ultimately emerged. It then offers
explorations, via the application of the economics of adaptation in
both law and economics' relating to how parties manage
relationships within the firm, within the context of long-term
contracts and, most vividly, within the context of antitrust
conspiracy. Advanced undergraduates, graduate students and teaching
faculty in economics, public policy, management and law will find
the book relevant, as it maps out connections between literatures
that are not often made explicit. For historians of economic
thought the book lays out a much richer understanding of what the
economics of organization is (and is not), and situates it next to
design economics.
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