The book enhances current economic understanding of the firm as an institution and an organization, looking beyond the narrow boundaries of neoclassical economics to an interdisciplinary approach based on accounting and law as well as economics itself. It represents the first synthesis of the authors' research work on the subject and provides the groundwork for the development of a comprehensive framework centred on the firm as an entity. The volume starts with a synthesis and a critique of the current state of the different economic theories of the firm and further develops them through new insights and neglected lessons from different traditions of thought. The economic theory and analysis of the firm is given new life here by looking at the firm as a whole: as an institution and an organization, which has special functions and a distinct role in the economy and society.

The collected book enhances current economic understanding of the firm as an institution and an organization, looking beyond the narrow boundaries of neoclassical economics to an interdisciplinary approach integrating accounting with law and economics. It represents the first synthesis of the authors' research work on the subject and provides the groundwork for the development of a comprehensive framework centred on the firm as an enterprise entity.The volume starts with a synthesis and a critique of the current state of the theory of the firm and further develops them through new insights and neglected lessons from different traditions of thought. The economic theory and analysis of the firm is given new insights here by looking at the firm as a whole and a dynamic system: as an institution and an organization, which has special functions and a distinct role in the economy and society. The current economic theories of the firm leaves some key issues fundamentally open. Recent crises in corporate governance and disclosure highlight the deficiencies and shortcomings of received approaches. The managerial and enforcement recommendations they advocate imply poor policy and sometimes huge economic and societal losses. In fact, at the time of high theory, great scholars have already raised the issues of the firm and suggested challenging ways to understand its role in the economy and society.In this context, the contribution of the book consists in: (i) general essays, that pay attention to these insightful lessons from the past that presently are at least partially neglected; (ii) specific essays, that contribute to the enhancement of the interdisciplinary perspective by exploring its consequences and implications for accounting, ontology, law and economics, business finance, and the governance of the firm as an enterprise entity; and (iii) reprints of often rare or neglected essays by H. Simon, M. Shubik, R. Coase, A.A. Berle jr., R.N. Anthony, J.H. Stauss, that allow the reader to rediscover the work of previous authors, issues and ideas, and shall prove to be fundamental in enhancing the interdisciplinary approach offered by the collection.

The book enhances current economic understanding of the firm as an institution and an organization, looking beyond the narrow boundaries of neoclassical economics to an interdisciplinary approach based on accounting and law as well as economics itself. It represents the first synthesis of the authors' research work on the subjec

Aimed at political sciences students and teachers, Ferreras presents the new idea of 'economic bicameralism' to redefine firms as political entities.

This book advances a real entity theory of company law, in which the company is a legal entity which acts autonomously in law, and company law establishes procedures facilitating autonomous organisational decision-making. The theory builds on the insight that organisations or firms are a social phenomenon outside of the law and that these are autonomous actors in their own right. They are more than the sum of the contributions of their participants and they act independently of the views and interests of their participants. This occurs because human beings change their behaviour when they act as members of a group or an organisation; in a group we tend to develop and conform to a shared standard, and when we act in organisations habits, routines, processes, and procedures form and a culture emerges. These take on a life of their own affecting the behaviour of the participants. Participants can affect organisational behaviour but this takes time and effort. Company law finds this phenomenon and supplies it with a structure supporting autonomous action by organisations. The real entity theory advanced in this book explains company law as it stands at a positive level. Legal personality overcomes the problems that organisations are social rather than brute facts and that there is no unique physical manifestation permanently associated with an organisation. The corporate constitution is not a contract - it is best characterised as an instrument adopted on a statutory basis through private action. Shareholders cannot limit the capacity of companies or the authority of the board to bind the company in contract and companies are liable in tort and crime. The statute creates roles for shareholders, directors, a company secretary, and auditors and so facilitates a process leading to organisational action. The law also integrates the interests of creditors and stakeholders.

Nobel-Prize-winning economist Paul Krugman argues that business leaders need to understand the differences between economic policy on the national and international scale and business strategy on the organizational scale. Economists deal with the closed system of a national economy, whereas executives live in the open-system world of business. Moreover, economists know that an economy must be run on the basis of general principles, but businesspeople are forever in search of the particular brilliant strategy. Krugman's article serves to elucidate the world of economics for businesspeople who are so close to it and yet are continually frustrated by what they see. Since 1922, Harvard Business Review has been a leading source of breakthrough management ideas-many of which still speak to and influence us today. The Harvard Business Review Classics series now offers readers the opportunity to make these seminal pieces a part of your permanent management library. Each highly readable volume contains a groundbreaking idea that continues to shape best practices and inspire countless managers around the world-and will have a direct impact on you today and for years to come.

Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License.