The rapidly expanding field of organizational economics studies the activities and interactions of organizations of all kinds, from the firms that are key participants in nearly all economic activity to nonprofits, schools, government agencies, hospitals, political parties, religious groups, labor unions, and more. Organizational Economics introduces students and practitioners to the governance mindset, an innovative, unified approach to understanding how organizations manage difficult transactions. It sheds light on the frictions that plague these difficult transactions as well as the wide variety of instruments that organizations use to manage these frictions. By analyzing foundational models and applying those models to some of the core problems that organizations must face, this comprehensive textbook demonstrates how governance works in the economy and identifies ways for managers, policymakers, and economists to help governance and the economy work better.
- Introduces foundational theories in organizational economics and applies those theories to model important issues that real organizations face
- Takes seriously the conditions under which parties actively manage their interactions rather than governing them by an arms-length transaction, either by choice or necessity
- Covers foundational theories of incentives, control, influence, and relationships
- Applies these models to important topics in organizational economics, including personnel economics, authority, organizational structure, firm boundaries, and interfirm relationships
- Includes problems uniquely designed to help readers engage with the large and growing research literature
- Identifies future directions for research
Daniel V. Barron is associate professor of strategy at Northwestern University’s Kellogg School of Management. Robert S. Gibbons is the Sloan Distinguished Professor of Management at MIT’s Sloan School of Management and professor in MIT’s Department of Economics. His books include (with John Roberts) The Handbook of Organizational Economics (快色直播). Michael L. Powell is professor of strategy at Northwestern University’s Kellogg School of Management.
“As organizational economics comes of age and attracts growing interest across economics and beyond, this is the book the field needs: comprehensive, lucid, and remarkably useful. An indispensable guide for specialists and newcomers alike.”—Andrea Prat, Columbia University
“Platforms, ecosystems, and AI are making organizational economics more relevant than ever. This lucidly written book provides the essential theoretical tools for interpreting the ongoing organizational transformations. An eye-opening read, enriched by recent empirical evidence.”—Bengt Holmstrom, Nobel Laureate in Economics, Massachusetts Institute of Technology
“Barron, Gibbons, and Powell’s book provides a masterful tour d’horizon of the large and expanding literature on organizational economics. Replete with interesting and useful models, it will be an invaluable resource and teaching tool for new initiates and seasoned researchers alike.”—Oliver Hart, Nobel Laureate in Economics, Harvard University
“Nearly ninety years after Ronald Coase asked why firms exist at all, Barron, Gibbons, and Powell offer a detailed and engaging account of what we have learned since. Bringing together theory and evidence, this book shows why organizations matter and how organizational economics increasingly shapes work in other fields. This is an important book that deserves a wide readership among students, scholars, and practitioners.”—Oriana Bandiera, London School of Economics
“In doing my research with and within firms, I have long lacked guidelines for what to look for once I am there. This book delivers them. Barron, Gibbons, and Powell turn a sprawling literature into a single framework that is clear enough to teach and sharp enough to test.”—Guido Friebel, Goethe University Frankfurt
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