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The purpose of this unit is to introduce students to the economic analysis of the managerial and organisational aspects of firms and organisations. The unit focuses on the solutions to the economic problems faced by managers; the determinants of managerial decisions and their impact both within the firm and within the market. The unit will begin with an outline of the economics used in the study of institutions/organisations. Among the issues covered in the unit are the purpose, design and limitations of contracts; the boundaries of the firm; the role of reputation and custom in promoting cooperation; and the function of “hybrid” organisational forms such as franchising, joint ventures and other cooperative strategies. In short, the focus is on the institutions that govern economic activity and especially the factors influencing the choice and design of organisational arrangements. The goal is to provide you with the analytical tools that you can apply to real-world situations --either those you read about in the newspaper or experience yourself after you graduate. This course will also provide you with a good foundation for many topics covered in certain M.B.A. programs, particularly those programs related to corporate strategy.
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