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The Theory of the Firm: Microeconomics with Endogenous Entrepreneurs, Firms, Markets, and Organizations Paperback – April 6, 2009

ISBN-13: 978-0521736602 ISBN-10: 0521736609 Edition: 1st

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Product Details

  • Paperback: 544 pages
  • Publisher: Cambridge University Press; 1 edition (April 6, 2009)
  • Language: English
  • ISBN-10: 0521736609
  • ISBN-13: 978-0521736602
  • Product Dimensions: 9.8 x 7.1 x 1.2 inches
  • Shipping Weight: 2 pounds (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #763,285 in Books (See Top 100 in Books)

Editorial Reviews

Review

"Daniel Spulber has produced nothing less than a magisterial work. His treatment of firm formation and the role of entrepreneurs in economic activity makes it a certainty that introductory texts in economics will have to be rewritten to accommodate the importance of his work and insight. For the first time, Schumpeter's work has been expanded and settled within the context of modern economics such that the transformation of our economy toward entrepreneurial capitalism has a new and profoundly well-reasoned theoretical basis." - Carl J. Schramm, President, Ewing Marion Kauffman Foundation

"To say that Daniel Spulber's The Theory of the Firm is encyclopedic of everything we know about the business firm would be to sell it short. It is vastly more than a compilation and explanation of the best of extant theory, though it is that; it is also a synthesis of all this information with a new structural approach to theory that will undoubtedly guide research for years to come. Out of this comprehensive treatise on the nature, functioning, and history of the business firm comes an entirely new way of looking at this enormously complex subject. This is a work of scale, scope, wisdom, integration, and analysis such as we rarely see in business scholarship. The business firm has found its Boswell, its Britannica, its Lamarck, and maybe its Einstein." - Henry G. Manne, Dean Emeritus, George Mason University School of Law

"In The Theory of the Firm, Dan Spulber achieves an astonishingly broad and deep contribution to economics that goes beyond the topic in the title. This path-breaking work is a required read for anyone truly interested in economics and finance." - Michael C. Jensen, Professor of Business Administration Emeritus, Harvard Business School

"Daniel Spulber has written an innovative and important book that takes seriously the creation of firms and other institutions by emphasizing the multiple roles of individuals as consumers, workers, and particularly entrepreneurs. Entrepreneurs create firms when they can reduce transactions costs that impede direct exchange between consumers and factor suppliers. In doing so, firms create and manage markets and organizations. The book introduces a series of separation theorems that help to explain the economic role of the firm. The book provides novel mathematical models that address the firm's economic contributions. I highly recommend the book to economists and others with an interest in economic institutions and the organization of economic activity." - David P. Baron, Professor of Political Economy and Strategy, Emeritus, Stanford University

"This important book revolutionizes our knowledge and understanding of entrepreneurship. Dan Spulber breaks important new ground in laying out a coherent and compelling theory of entrepreneurship that is sure to impact all scholars and policy makers focusing on entrepreneurship and innovation." - David B. Audretsch, Director, Max Planck Institute of Economics and Distinguished Professor, Indiana University

"In this magnificent book, Professor Spulber undertakes the monumental task of constructing a general theory of the firm.... The Theory of the Firm presents a profound, original, and timely viewpoint of the nature of the firm. In doing so, it opens several new avenues for research.... Without a doubt, The Theory of the Firm will profoundly impact all future work exploring the nature of organizations, firms, and markets." - International Review of Economics and Finance

"Stuffed with deep and thought-provoking insights.... Highly recommended." - Choice

Book Description

The Theory of the Firm presents an innovative general framework for understanding the economics of the firm. Entrepreneurs play a pivotal role by establishing firms. The book addresses why firms exist and the contributions firms make to the economy. The book reexamines the foundations of microeconomics by making institutions endogenous.

More About the Author

Daniel F. Spulber is the Elinor Hobbs Distinguished Professor of International Business and Professor of Management Strategy at the Kellogg School of Management, Northwestern University, where he has taught since 1990. He is also Professor of Law at the Northwestern University Law School (Courtesy). He received his Ph.D. in economics in 1979 and his M.A. in economics in 1976 from Northwestern University and his B.A. in economics in 1974 from the University of Michigan. Spulber has taught at Brown University, the University of Southern California, and the California Institute of Technology.

Spulber has received eight National Science Foundation grants, three Searle Fund Grants , and two Ewing Marion Kauffman Foundation Grants for economic research. Spulber is the founding editor of the Journal of Economics & Management Strategy published by Wiley-Blackwell Publishing.

Spulber is the founder of Kellogg's International Business & Markets Program. Spulber's research is in the areas of International Economics, Industrial Organization, Microeconomic Theory, Management Strategy, and Law. He has published numerous journal articles in economics journals and law reviews, including the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, Journal of Economic Theory, Rand Journal of Economics, International Economic Review, Journal of Economic Perspectives, Columbia Law Review, New York University Law Review, Harvard Journal on Law and Public Policy, Journal of Competition Law & Economics, and Yale Journal on Regulation.

Spulber is the author of twelve books: The Theory of the Firm: Microeconomics with Endogenous Entrepreneurs, Firms, Markets, and Organizations, 2009, Cambridge: Cambridge University Press, Economics & Management of Competitive Strategy, 2009, New Jersey: World Scientific Press, Networks in Telecommunications: Economics and Law with Christopher Yoo, 2009, Cambridge: Cambridge University Press, Global Competitive Strategy, 2007, Cambridge: Cambridge University Press; Management Strategy, 2004, McGraw Hill; Famous Fables of Economics: Myths of Market Failures, edited, 2002, Blackwell Publishing; Market Microstructure: Intermediaries and the Theory of the Firm 1999, Cambridge University Press; The Market Makers: How Leading Companies Create and Win Markets, 1998, McGraw-Hill/ Business Week Books; Deregulatory Takings and the Regulatory Contract: The Competitive Transformation of Network Industries in the United States with J. Gregory Sidak, 1997, Cambridge University Press; Protecting Competition from the Postal Monopoly with J. Gregory Sidak, 1996, American Enterprise Institute; Regulation and Markets, 1989, M.I.T. Press; and Essays in the Economics of Renewable Resources, edited with Leonard J. Mirman, 1982, Elsevier-North Holland.

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Most Helpful Customer Reviews

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This book takes a thought-provoking take on how and why "firms" exists along with what role they play in society. The definition used for the firm, "a transaction institution whose objectives are separate from those of its owners," while excluding important "consumer organizations" such as cooperatives, allows Spulber to create a unified theory of the firm that - as the title says - endogenizes entrepreneurs and thus firms. The best thing about this book (and the reason I think it will be interesting and useful to a wide array of enthusiasts and scholars) is its attention to unifying and summarizing the most important research involving firms and entrepreneurs.
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