Production is a complex system of interdependent activities,
necessary to the system as a whole, which itself depends on the
continuance of each individual activity that composes it. In such a
system, resources must be committed to specific technological
purposes long in advance to the ultimate sale of goods to the
consumer.
The success of such an enterprise system rests on the durability
of the instruments it uses. These are so complex, sensitive, and
powerful that their huge expense can be recovered only if they can
be used for many years. Yet when the decision is made to invest in
them, those years of use are in the future and the conditioning
circumstances are unobservable and unknown.
The firm in Western economies is the essential institutional
means of confronting this problem of uncertainty, "Expectation,
Enterprise and Profit: The Theory of the Firm" is concerned with
the nature and mode of life of the firm as a means of policy
formation in the face of uncertainty.
This book offers a concise treatment and excellent analysis of
the major concepts studied in a first course in the theory of the
firm.
"G. L. S. Shackle" (1903-1992) was Brunner Professor of
Economic Science at the University of Liverpool and was widely
known for a succession of major contributions to economic studies,
including "Expectation in Economics, Economics for Pleasure, A
Scheme of Economic Theory," and "The Years of High Theory."
General
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