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Lecture 17

PAP 3370 Lecture 17 March 14th 2011.docx

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Public Administration
Frank Ohemeng

PAP 3370 – Theories of Organization Lecture 17 March 14 , 2011 Organizational Economists and other Economists a. Unlike most economists who are interested in the structure, functioning and implication of markets, organizational economists are interested in the structure, functioning, implications of firms b. Most organizational economists have a keen interest in the relationship between competition and organizations -for organizational economists, organizations exist in seething caldrons of competition where other firms, individuals, institutions, and government are seeking to obtain some part of the success that a particular firm may enjoy -classical and neoclassical economic theories point to the surprising ability of markets to coordinate economic production and exchange at a very low cost and without government planning -according to Adam Smith who is seen as the father of classical economics, an economy could be coordinated by a decentralized system of prices -in most economic analysis, this idea is called the theory of the firm although the theory actually focuses exclusively on the structure and operation of markets and is unable to explain the existence of firms -therefore given that markets are so effective in coordinating economic exchanges, it has always been a bit of a mystery why not all exchanges are managed through markets if the markets are perfect -to classical and neoclassical theorists, economics has no part on organization -this is because economics focuses on the exchange of valued goods among individuals -if human relationships are based on such excha
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