Neo-classical economics, with its emphasis on general equilibrium, has developed a tightly-knit group of theories of great rigour. However, it lacks a conceptualization of organization, institutions, structure and change and has virtually nothing to say about the role of norms and rules in economic behaviour. Such notions are of great significance in institutional economics, with its emphasis on property rights, contract and organizational forms. But institutional economics lacks the rigour and elegance of general equilibrium theory. "Rationality, Institutions and Economic Methodology" looks at ways to increase the scope and power of institutional economics. Different approaches to economic methodology are considered and the broader notions of rationality offered by institutional economics are discussed, as are the methodological problems of evolutionary and institutional change.

This book explores a new theory of the firm produced through an exchange between management theory and economics. In the process economics is seen to provide a foundational element for strategy research whilst developing a more realistic theory of the firm with a greater emphasis on its internal features. The success of competence theories of the firm also reflects their ability to explain significant trends in the business world, notably the declining importance of conglomerates and critical features in the success of Asian and Japanese business.

This book explores a new theory of the firm produced through an exchange between management theory and economics. In the process economics is seen to provide a foundational element for strategy research whilst developing a more realistic theory of the firm with a greater emphasis on its internal features. The success of competence theories of the firm also reflects their ability to explain significant trends in the business world, notably the declining importance of conglomerates and critical features in the success of Asian and Japanese business.

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