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Product Description
Product Description
A systematic treatment of the economics of the modern firm, this book draws on the insights of a variety of areas in modern economics and other disciplines, but presents a coherent, consistent, innovative treatment of the central problems in organizations of motivating people and coordinating their activities.
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5 reviews
13 of 13 people found the following review helpful
A textbook on the firm.
24 Jun 2002
Format:Paperback
This book is probably the first textbook on economics of organization. Since published in 1992, it has been widely used in classes. The main framework of the book lies in the conception of the firm as a system of incentive/coordination to allocate efficiently resources. So this book is an extension of neoclassical approach to the area of organization, though such concepts like bounded rationality and transaction cost are incorporated deeply into the architecture of the book. Unlike usual textbooks, this book has the overarching coherence with theoretical depth over various subjects like centralized/decentralized organization, moral hazard, rent, ownership, human resource management, investment, corporate governance. Such consistency is possible for its theoretical position: neoclassical approach. In that stance, the actor is motivated in its rational calculation, in other word incentive, although it¡¯s bounded in terms of information. How to organize such actor into an organization is the problem of coordination in the theory of the firm. Such an approach was widely adopted in the 1980s. But these days, resources/capabilities approach and evolutionary economics dominate the discourse on the firm. Capabilities, resources, dynamic capabilities, organizational learning, routine, tacit knowledge, knowledge creation, those are buzzwords to date. If you are to be specialized in the theory of the firm, this book should be read. But if not, I recommend Besanko, Dranove, and Shanley¡¯s ¡®Economics of Strategy¡¯. It takes trendy approach and that, it explains each subject with live examples from business world.
4 of 4 people found the following review helpful
Great book; the worst print quality you'll ever seen
20 Nov 2008
Format:Paperback
The book delivered by Amazon.com looks like a photocopied book, not a printed one. Paper quality is the worst. It's totally incompatible with the US$ 140 price.
It should be out-of-print or something and then Prentice-Hall found it cheaper to photocopy and bind it, rather then issuing a new edition. Amazon.com should let customers know this in advance.
The book content is great as the other reviewers have said, but I'm about to see a book with worse print quality than the one Amazon sent me.
I wish I have bought a used book, printed 15 years ago, for US$ 40.
It should be out-of-print or something and then Prentice-Hall found it cheaper to photocopy and bind it, rather then issuing a new edition. Amazon.com should let customers know this in advance.
The book content is great as the other reviewers have said, but I'm about to see a book with worse print quality than the one Amazon sent me.
I wish I have bought a used book, printed 15 years ago, for US$ 40.
3 of 4 people found the following review helpful
Over Amitious
8 Sep 2005
Format:Paperback
While I really love this book (have studied it in detail from cover to cover) it tries to do too much.
It covers the CAPM model for example, but doesn't go into enough detail so that a reader can really get a good grasp of the model. Also, it shies away from using proper mathematical analysis of some models (as with many other American textbooks) which will give a naive reader a false sense of security.
Otherwise a great book, it's breadth and readability is excellent - would love an update sometime :)
It covers the CAPM model for example, but doesn't go into enough detail so that a reader can really get a good grasp of the model. Also, it shies away from using proper mathematical analysis of some models (as with many other American textbooks) which will give a naive reader a false sense of security.
Otherwise a great book, it's breadth and readability is excellent - would love an update sometime :)
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