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The Economics of Modern Business Enterprise [Hardcover]

Martin Ricketts


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Book Description

March 30 2008 184064902X 978-1840649024
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.

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'The Economics of Modern Business Enterprise, edited by Martin Ricketts, focuses upon the historical development of the transaction cost view of the firm - with "transaction cost" interpreted rather broadly. Its three volumes comprise the most influential papers in the field, introduced by the editor with an extremely well written introduction. The three volumes address graduate students of business economics. They are so well selected, ordered and introduced that they may as well serve as a handbook on "the new institutional economics of the firm."'- Rudolf Richter, University of Saarland, Germany and The Hoover Institution, Stanford University, US'Martin Ricketts' collection of leading articles on "The Economics of Modern Business Enterprise" is organized in three volumes: "Transaction Costs, Property Rights and the Entrepreneur," "Ownership and Scope," and "Incentives and Control." No student of business and economic organization can fail to be impressed by Ricketts' knowledge of this literature. Equally important is the manner in which this collection is organized: Ricketts tracks the historical development of key ideas in this area from early contributions in the 1970s to the present and uses "transaction costs," broadly construed, as the organizing theme. This vast literature is given added meaning and perspective in the process, to the benefit of both new and active participants. This collection not only, therefore, records the significant accomplishments of this exciting research arena but will serve as a springboard for the continuation thereof.'- Oliver E. Williamson, University of California, Berkeley, US

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