Contract Economics

Author: Coase
Publisher:
Publish Date: 2003-10-01
Features: Economics has played a significant role in enhancing the productive capacity of social wealth. From the feasibility study of a small project to the economic policies of a nation, and even the formulation of international trade rules, economic theories are extensively applied as guidance. Without economics, markets could still operate, but their efficiency would be greatly reduced, and disputes would increase significantly. Economics has made major contributions to human progress. This book is a collection of essays specifically discussing contracts, with authors who nearly encompass all the renowned economists of the modern era. Economists analyze relevant issues in contract economics from different perspectives. Archibald and Demsetz, for example, take the classical firm as their object of analysis, highlighting the role of supervision in teams and thereby establishing the hypothesis that supervisors should be the owners of property rights. They analyze the reasons for the existence of firms and point out that the separation of ownership and control requires ownership as a fundamental condition.