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    Economics / Hayek, Milton Friedman, shareholder value /

    Friedman’s Bad Turn

    September 14, 2020

    Today is quite an anniversary.  It is fifty years since Milton Friedman’s article on the responsibilities of corporate management appeared in the New York Times.  Whilst it was not the only argument in favor of the shift towards a narrow focus on shareholder value, it was certainly one of the more persuasive and influential.  I […]

    Economics / economic theory, evolutionary economics, Herbert Simon, Pisano, Sraffa, Teece, theory of the firm /

    More on What’s Missing

    August 13, 2020

    I suspect economic theorists are not alone in shunting to the side issues or phenomena that might upset the applecart.  But they appear to do it with a determination that other disciplines mind find somewhat alarming.  This is why I relentlessly and repeatedly mention Cause and his 1937 question about the existence of the firm. […]

    Economics / Berle and Means, Burnham, Chandler, Foss, growth theory, Ronald Coase, Solow, theory of the firm /

    The Missing Middle?

    August 5, 2020

    A couple of things before we get started:  when I say that economics is not history, I mean exactly that.  Geology is not history either.  That is not the same as saying that economics ought pay no heed to history.  Let’s not get confused over that.  Economics is its own discipline with rules and territory […]

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