This book is a systematic look at the economics of the modern firm, based on knowledge from various fields of modern economics and other disciplines, but at the same time it presents a consistent, consistent, innovative approach to the main problems in organizations that motivate people and coordinate their actions and activities.
KEY TOPICS: Introduces the fundamental problems faced by organizations and explains why they arise. A number of response models are discussed, showing why organizations are designed this way, why they adopt these policies, and how they themselves solve organizational problems.
As a systematic treatment of modern corporate economics, this book takes up the achievements of various areas of modern economics and other disciplines, but presents a coherent, coherent, and innovative treatment of central issues in motivating people's organizations and their business activities. coordination.
As a systematic treatment of modern corporate economics, this book takes up the achievements of various areas of modern economics and other disciplines, but presents a coherent, coherent, and innovative treatment of central issues in motivating people's organizations and their business activities. coordination. KEY TOPICS: Introduces the fundamental problems facing organizations and explains why they arise. Discusses a range of response models - shows why organizations are structured the way they are, why they adopt the guidelines below, and how they solve organizational problems on their own.
This book is probably the first textbook on business studies. It has been widely used in classrooms since its release in 1992. The main structure of the book lies in the conception of the company as an incentive / coordination system for efficient resource allocation. So this book is an extension of the neoclassical approach to the area of organization, although concepts such as bounded rationality and transaction costs are deeply anchored in the book's architecture. In contrast to the usual textbooks, this book has a general consistency with theoretical depth on various topics such as centralized / decentralized organization, moral hazard, rent, real estate, human resource management, investments, corporate governance. Such coherence is possible because of its theoretical position: neoclassical approach. In such a position, the actor is motivated in his rational calculation, i.e. incentive, although he is limited in terms of information technology. How such an actor is to be organized in an organization is the problem of coordination in the theory of the company. This approach became widespread in the 1980s. Today, however, the resource / capacity approach and evolutionary economics dominate business discourse. Skills, resources, dynamic skills, organizational learning, routines, tacit knowledge, knowledge creation, these are the key words to this day. If you want to specialize in firm theory, read this book. But if not, I recommend Besanko, Dranove, and Shanley's ¡®Economics of Strategy¡¯. It follows a fashion approach and this one explains each topic with live examples from the business world.
Paul Milgrom and John Roberts are famous professors at Stanford. They know they are big names because their names on the cover of the book are bigger than the title. It's kind of a definition, isn't it?
Seriously, this is a very good book. Although it is a dozen years old and has done a lot in the areas of organization, compensation, and incentive theories, the information in this book remains invaluable. The book has 17 chapters, which are divided into 7 parts.
