Search results for ""Author Martin Ricketts""

In its Fourth Edition, this textbook explores how economic activity is organised from a new institutional economics perspective. Using transactions costs as a continuing theme, the book delivers the necessary skills to understand the evolution of organisational forms and the strengths and weaknesses of different varieties of private and public governance.The importance of entrepreneurship is emphasised throughout. Public policy concerning competition, regulation and the public utilities is used to illustrate the involvement of subjective judgements about transactions costs in all types of organisational choice.Key features of the Fourth Edition: ? Using impartial analysis, Martin Ricketts evaluates business enterprise through Neoclassical, Austrian and Evolutionary economics, allowing students to learn the strengths and weaknesses of each methodological perspective? Using a clear conceptual framework, the author explains principal-agent theory and the transaction cost paradigm in detail? The chapters are designed around a set of classic papers, giving students an understanding of the historical development of the discipline? Updated examples emphasise the applicability to different technological circumstances and the dynamic nature of studying economic organisation? Additional examples are included for teachers to further discussion or create extended seminar work. A key resource for advanced undergraduate courses or an excellent introductory text at graduate level, this Fourth Edition will provide students of economics, business and political economy with a greater awareness of how business enterprises operate and adapt in response to technological change and competition.

Read more less

In its Fourth Edition, this textbook explores how economic activity is organised from a new institutional economics perspective. Using transactions costs as a continuing theme, the book delivers the necessary skills to understand the evolution of organisational forms and the strengths and weaknesses of different varieties of private and public governance.The importance of entrepreneurship is emphasised throughout. Public policy concerning competition, regulation and the public utilities is used to illustrate the involvement of subjective judgements about transactions costs in all types of organisational choice.Key features of the Fourth Edition: ? Using impartial analysis, Martin Ricketts evaluates business enterprise through Neoclassical, Austrian and Evolutionary economics, allowing students to learn the strengths and weaknesses of each methodological perspective? Using a clear conceptual framework, the author explains principal-agent theory and the transaction cost paradigm in detail? The chapters are designed around a set of classic papers, giving students an understanding of the historical development of the discipline? Updated examples emphasise the applicability to different technological circumstances and the dynamic nature of studying economic organisation? Additional examples are included for teachers to further discussion or create extended seminar work. A key resource for advanced undergraduate courses or an excellent introductory text at graduate level, this Fourth Edition will provide students of economics, business and political economy with a greater awareness of how business enterprises operate and adapt in response to technological change and competition.

Read more less

Martin Ricketts, a leading scholar in this field, has selected the seminal papers from a variety of traditions that illustrate the evolution of thinking on 'the firm' over a considerable period of time. The firm as a vehicle for entrepreneurial initiative and the exercise of business judgement is contrasted throughout with the firm as a policing mechanism in response to known contractual hazards. The selection is in three volumes that cover respectively the general theoretical background; the ownership and scope of the firm - its degree of vertical and transnational integration; and agency issues relating to employee incentives and the control of managers. This authoritative collection will provide a valuable reference, of interest to students, postgraduates and professional economists seeking an overview of the subject and its evolution.

Read more less