You may have to register before you can download all our books and magazines, click the sign up button below to create a free account.
This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In t...
Gone, But Not Forgotten The last Oliver green tractor may have rolled off the assembly line nearly three decades ago, but by the time the company's legacy was already cemented. With their unmistakable dark green paint, yellow grilles and red wheels, Oliver and Hart-Parr tractors were fixtures on American farms from the early 1900s into the 1960s, when he companies were acquired by White. In Oliver Hart-Parr, tractor enthusiasts can now revisit the evolution of two of the country's most successful tractor and farm equipment builders. Tractor and farm equipment historian and expert C.H. Wendel expertly covers every Oliver model ever produced, including the Hart-Parr tractors that Oliver purchased in 1929, as well as machinery from Cletrac, Nicholas & Shepard and Cockshut. Thanks to Wendel's meticulous research and more than 1,500 photographs, tractor enthusiasts can take a ride through history with these glorious machines of the past.
The Theory of the Firm presents an innovative general analysis of the economics of the firm.
This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.
Baptists in America began the eighteenth century a small, scattered, often harassed sect in a vast sea of religious options. By the early nineteenth century, they were a unified, powerful, and rapidly-growing denomination, poised to send missionaries to the other side of the world. One of the most influential yet neglected leaders in that transformation was Oliver Hart, longtime pastor of the Charleston Baptist Church. Oliver Hart and the Rise of Baptist America is the first modern biography of Hart, arguably the most important evangelical leader in the pre-Revolutionary South. During his thirty years in Charleston, Hart emerged as the region's most important Baptist denominational architect...
Two leading economists develop a theory explaining the demand for and supply of liquid assets. Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmström and Jean Tirole offer an original, unified perspective on these questions. In a slight, but important, departure from the standa...
This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.
Despite abundant literature on transaction costs, there is little to no in-depth analysis regarding what the transaction is or how it works. Drawing on both Old and New Institutional Economics and on a variety of interdisciplinary sources, this monograph traces the history of the meaning of transaction in institutional economics, mapping its topicality and use over time. This manuscript treats the idea of ‘transaction’ as a construct with legal, competitive and political dimensions, and connects different approaches within institutional economics. The book covers the contributions of key thinkers from different schools, including (in alphabetical order) Ronald H. Coase, John R. Commons, Robert Lee Hale, Oliver Hart, Mancur Olson, Thorstein Veblen and Olver E. Williamson. This book will be of interest to advanced students and researchers of institutional economics, law and economics, and economics, and the history of economic thought.