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Expectation, Enterprise and Profit

G. L. S. Shackle
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Author_G. L. S. Shackle
Average Cost Curve
Average Revenue Curve
Bird's Eye
Bird’s Eye
Breakdown Policy
Budget Line
capital budgeting
Category=KCA
Category=KCC
Critical Storms
economic modeling
Entire Method
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Face Policy
Firm's Net Revenue
Firm’s Net Revenue
Focus Gain
Focus Loss
G.L.S. Shackle
industrial organization
Input Output Analysis
loss
managerial economics
Marginal Revenue Curve
Mathematical Expression
Monopolistic Competitors
North East Quadrant
operational strategy
Ordinary Algebra
Potential Surprise
Potential Surprise Function
Professor Leontief
Real Number Continuum
Revenue Curve
revenues
risk analysis
Spot Cash
Total Cost Curve
trading
Trading Revenue
uncertainty investment decision making

Product details

  • ISBN 9780202309491
  • Weight: 290g
  • Dimensions: 152 x 229mm
  • Publication Date: 15 Jul 2007
  • Publisher: Taylor & Francis Inc
  • Publication City/Country: US
  • Product Form: Paperback
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Description

Production is a complex system of interdependent activities, necessary to the system as a whole, which itself depends on the continuance of each individual activity that composes it. In such a system, resources must be committed to specific technological purposes long in advance to the ultimate sale of goods to the consumer.

The success of such an enterprise system rests on the durability of the instruments it uses. These are so complex, sensitive, and powerful that their huge expense can be recovered only if they can be used for many years. Yet when the decision is made to invest in them, those years of use are in the future and the conditioning circumstances are unobservable and unknown.

The firm in Western economies is the essential institutional means of confronting this problem of uncertainty, Expectation, Enterprise and Profit: The Theory of the Firm is concerned with the nature and mode of life of the firm as a means of policy formation in the face of uncertainty.

This book offers a concise treatment and excellent analysis of the major concepts studied in a first course in the theory of the firm.
About G. L. S. Shackle
G. L. S. Shackle (1903-1992) was Brunner Professor of Economic Science at the University of Liverpool and was widely known for a succession of major contributions to economic studies, including Expectation in Economics, Economics for Pleasure, A Scheme of Economic Theory, and The Years of High Theory.

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