Thursday, 19 March 2026

The Real History of Communism

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From the Adam Smith Institute comes The Real History of Communism . It delves into the complex history of communism and explores its resurg...
Monday, 29 December 2025

Coase versus Becker on utility maximisation

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Ronald Coase and Gary Becker explain and discuss the theory of rational maximizing utility. They describe how consumers rank preferences and...
Monday, 9 June 2025

A history of the contemporary mainstream economic theory of the firm 1920 - 2020. A story of opportunities taken and missed.

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We will examine the opportunities that were taken and those that were missed in the development of the mainstream economic theory of the fir...
Wednesday, 12 June 2024

100 years of the theory of the firm. Or may be only 50.

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Depending on how you pick your starting point there has been, roughly, 50 or 100 years of the mainstream economic theory of the firm. In sup...
Friday, 24 November 2023

Thinking about the theory of production/the firm

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 J. B. Condliffe has pointed out that  "[ ... ] economic activity and thoughts about it are as old a mankind'' (Condliffe 1974:...
Sunday, 11 December 2022

The history of the theory of production in one figure

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Or, (almost) everything you wanted to know about the history of the theory of production/the firm: but were afraid (too bored) to ask This p...
Friday, 25 November 2022

Coase on profit maximisation

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One important, and at times controversial, assumption used in most theories of the firm, including that of Coase, but not discussed by Coase...
Wednesday, 3 August 2022

Latest Blogwatch column 2

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My Blogwatch column from the latest issue ( Issue 72 , December 2021) of the NZAE magazine Asymmetric Information .

Latest Blogwatch column

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My Blogwatch column from the latest issue ( Issue 72 , December 2021) of the NZAE magazine Asymmetric Information .
Monday, 25 July 2022

The Theory of the Firm: An overview of the economic mainstream, Revised edition

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The Theory of the Firm: An ... by Paul Walker
Saturday, 2 April 2022

An update to A good Christmas read

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(Almost) Everything You Wanted To Know About The History of The Theory of Production/the Firm: But Were Afr... by Paul Walker on Scribd
Friday, 21 January 2022

Latest Blogwatch column

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My Blogwatch column from the latest issue ( Issue 71 , August 2021) of the NZAE magazine Asymmetric Information .
Friday, 24 December 2021

A good Christmas read

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(Almost) Everything You Wanted to Know About the History of the Theory of Production/the Firm: But Were Afr... by Paul Walker on Scribd
Sunday, 19 December 2021

The history of the theory of the firm in one diagram: version 2

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Thursday, 2 December 2021

The history of the theory of the firm in one diagram

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Friday, 5 November 2021

The theory of the firm and economic thought

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To me, it appears there is a lack of engagement with the theory of the firm by historians of economic thought. Evidence for this lack of int...
Tuesday, 2 November 2021

Derivation of the word "firm".

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An interesting detail. Spulber (2008: 5, footnote 8) gives the origin of the word 'firm' as "[t]he word "firm" derive...
Monday, 1 November 2021

Coase and profit maximisation

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One assumption not discussed much in the mainstream theory of the firm is that of profit maximisation. Most theories of the firm take it as ...