The Economics of Business Enterprise


The Economics of Business Enterprise

An Introduction to Economic Organisation and the Theory of the Firm, Fourth Edition

4th edition

9781785360923 Edward Elgar Publishing
Martin Ricketts, Professor of Economic Organisation, University of Buckingham, UK
Publication Date: 2019 ISBN: 978 1 78536 092 3 Extent: 680 pp
This new edition of The Economics of Business Enterprise provides a comprehensive survey of the theory of the firm from the perspective of New Institutional Economics. It continues to emphasise the role of the entrepreneur within the firm and the emergence of institutional responses to rent seeking. Neoclassical, Transactions Cost, Austrian, Public Choice and Property Rights perspectives are contrasted and used to analyse private governance arrangements, contemporary developments in organisational form such as ‘the sharing economy’ and the regulatory framework.

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Critical Acclaim
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In its Fourth Edition, this textbook explores how economic activity is organised from a new institutional economics perspective. Using transactions costs as a continuing theme, the book delivers the necessary skills to understand the evolution of organisational forms and the strengths and weaknesses of different varieties of private and public governance.

The importance of entrepreneurship is emphasised throughout. Public policy concerning competition, regulation and the public utilities is used to illustrate the involvement of subjective judgements about transactions costs in all types of organisational choice.

Key features of the Fourth Edition:

• Using impartial analysis, Martin Ricketts evaluates business enterprise through Neoclassical, Austrian and Evolutionary economics, allowing students to learn the strengths and weaknesses of each methodological perspective

• Using a clear conceptual framework, the author explains principal-agent theory and the transactions costs paradigm in detail

• The chapters are designed around a set of classic papers, giving students an understanding of the historical development of the discipline

• Updated examples emphasise the applicability to different technological circumstances and the dynamic nature of studying economic organisation

• Additional examples are included for teachers to further discussion or create extended seminar work.

A key resource for advanced undergraduate courses or an excellent introductory text at graduate level, this Fourth Edition will provide students of economics, business and political economy with a greater awareness of how business enterprises operate and adapt in response to technological change and competition.
Critical Acclaim
‘Comprehensive, exceptionally well organized, and expertly presented, The Economics of Business Enterprise: An Introduction to Economic Organisation and the Theory of the Firm is an ideal and highly recommended curriculum textbook.’
– Michael J. Carson, Midwest Book Review

Acclaim for previous Edition:

‘This is a most enlightening book written in a most accessible style, with periodic in-depth treatment of theoretical propositions . . . Students studying a variety of economics and business related courses could find this book invaluable.’
– David Gray, International Journal of Entrepreneurship and Innovation
Contents: Preface Part 1 Basic Concepts 1. The gains from trade 2. Transactions costs 3. The entrepreneur 4. Property Rights 5. Principal and Agent Part 2 The Structure of Organisations 6. Hierarchies 7. Integration and the Visible Hand 8. Corporate Governance 1: Managerial Incentives 9. Corporate Governance 2: The Takeover and Capital Structure 10. Profit Sharing, Co-operative and Mutual Enterprise 11. Non-Profit and Charitable Enterprise 12. Evolution and Economic Organisation Part 3 Public Policy and Economic Organisation 13. Economic Organisation and the Role of the State 14. Private and Public Enterprise: The Ownership of Business 15. Economic Regulation and the Structure of Business Conclusion Index

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