1st Edition
A Market Process Theory of the Firm An Alternative to the Neoclassical Model
Acknowledgements
Instead of an introduction
1. The neoclassical theory of the firm: its application and limitations
The fundamental law of neoclassical economics 6
The problem with MC curve: do the limitations apply to this side of firm’s activity?
The problem with the MC classification: are fixed costs significant only in the long run?
The problem with profit maximization: can it be considered the firm’s objective?
2. Theoretical imputation and real calculation
Value and imputed value
The law of costs and monetary imputation
Prices as information carriers in a heterogeneous world
Judgment, business decisions and ownership
3. The firm’s size and limitations
The firm’s size and expansion
The Nature of the Firm by Ronald Coase
Empirical barriers to business expansion
4. Imponderability of firms
Firms as value creators
Innovation and the firm
What are new things?
A firm is never constans
5. The organics of the industry and firms
Clusters
Industries and diffusion of innovations
Market economy as evolutionary rationalizer
6. Firms’ mistakes and economic evolution
Legal and political factors
International factors
Technological factors
Internal factors (entrepreneurial and managerial)
Business history as a dead-end street?
Social perception and firms
Instead of Conclusions
Literature
Index
Biography
Mateusz Machaj is a Researcher at the University of New York in Prague and Associate Professor at the Institute of Economic Sciences, University of Wroclaw, Poland. He has published articles on various economic issues in journals such as Critical Review, American Journal of Economics and Sociology, Econ Journal Watch, Prague Economic Papers and Quarterly Journal of Austrian Economics. He is the author of the following monographs: Capitalism, Socialism and Property Rights: Why Market Socialism Cannot Substitute the Market; Money, Interest and the Structure of Production: Resolving Some Puzzles in the Theory of Capital; and a popular book The Rise and Fall of the First Galactic Empire: Star Wars and Political Philosophy.
