Introduction to the economics of the firm. Summary Tomasz Żylicz.

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Presentation transcript:

Introduction to the economics of the firm. Summary Tomasz Żylicz

Overview. What have we learnt 1.Evolution of the theory 2.Who is an entrepreneur? 3.Transaction costs and contracts 4.Property rights 5.Principal-agent models 6.Deregulation and privatisation 7.Summary and conclusions

1.Evolution of the theory Neoclassical theory: markets and prices Opening the „black box” Schumpeter Knight Kirzner Coase

2.Who is an entrepreneur? Innovator? Uncertainty-bearer? Contract manager? Transaction manager?

3.Transaction costs and contracts Limits to market allocation Contracts as a core of the firm Evolution of transaction costs

4.Property rights Property rights as a key concept in modern economics Missing markets Property rights and the distribution of power within a firm

5.Principal-agent models Incentive-compatibility concept Residual claimancy Managerial incentives

6.Deregulation and privatisation Public versus private companies Rent-seeking behaviour Political oversight Efficiency versus equity

7.Summary and conclusions Economic theory of the firm is evolving Property rights, contracts and incentive- compatibility are key concepts Rational behaviour can be far from the classical principle of profit maximisation