The Theory of the Firm presents a path-breaking general framework for understanding the economics of the firm. The book addresses why firms exist, how firms are established, and what contributions firms make to the economy. The book presents a new theoretical analysis of the foundations of microeconomics that makes institutions endogenous. Entrepreneurs play a central economic role by establishing firms. In turn, firms create and operate markets and organizations. The book provides innovat...

Innovative entrepreneurs are the prime movers of the economy. The innovative entrepreneur helps to overcome two types of institutional friction. First, existing firms may not innovate efficiently due to incumbent inertia resulting from adjustment costs, diversification costs, the replacement effect, and imperfect adjustment of expectations. The innovative entrepreneur compensates for incumbent inertia by embodying innovations in new firms that compete with incumbents. Second, markets for i...

The Case for Patents offers an affirmative case for the many economic benefits of the patent system and shows how patents provide incentives for invention, innovation, and technological change. The discussion highlights the many contributions of patents to economic growth and development. The Case for Patents helps restore balance to public policy debates by recognizing the important contributions of the patent system.

This book provides a comprehensive and integrated approach to management strategy that is based on economics. A basic introductory strategy text that integrates economic analysis with management strategy, it takes into account global competition and high-tech (Internet) developments, and recognizes that companies today can no longer expect to sustain competitive advantage but must rely on innovation (of products, processes, and transactions). Although many of the principles are illustrated...

Networks in Telecommunications addresses fundamental issues in discussions of regulatory policy by offering an integrated framework for understanding the economics and law of networks. It extends theories on network design associated with the mathematics of graph theory, which provides insights into the complex, systemic interrelationship between network components. It also applies the principles of transaction cost economics to analyze decisions about the appropriate boundaries of proprie...