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Institutional economics, as explored in this collection of lectures, represents a distinctly American contribution to economic theory. Rooted in pragmatism and influenced by sociological jurisprudence, institutional economics diverges from classical economic theory by emphasizing the interplay of non-economic factors and the need for rigorous, data-driven analysis of economic phenomena. The approach prioritizes a comprehensive understanding of the facts and disregards traditional disciplinary boundaries to address issues such as labor and industrial relations. This methodology has profoundly shaped contemporary practices in analyzing and resolving industrial relations problems, as highlighted by the contributions of eminent economists featured in this volume.This book examines the pioneering work of Thorstein Veblen, John R. Commons, and Wesley C. Mitchell, who are widely recognized as the founders of institutional economics. The lectures, delivered by leading scholars including Joseph Dorfman, C. E. Ayres, and Simon Kuznets, honor the legacy of these thinkers while offering insights into the ongoing relevance of institutional economics. The contributors illuminate how these early economists laid the groundwork for addressing critical social and economic issues, influencing figures such as Edwin E. Witte and Sumner Slichter. By emphasizing practical application and interdisciplinary thinking, the book underscores the enduring impact of institutional economics on both theory and practice.This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1963.
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Institutional economics, as explored in this collection of lectures, represents a distinctly American contribution to economic theory. Rooted in pragmatism and influenced by sociological jurisprudence, institutional economics diverges from classical economic theory by emphasizing the interplay of non-economic factors and the need for rigorous, data-driven analysis of economic phenomena. The approach prioritizes a comprehensive understanding of the facts and disregards traditional disciplinary boundaries to address issues such as labor and industrial relations. This methodology has profoundly shaped contemporary practices in analyzing and resolving industrial relations problems, as highlighted by the contributions of eminent economists featured in this volume.This book examines the pioneering work of Thorstein Veblen, John R. Commons, and Wesley C. Mitchell, who are widely recognized as the founders of institutional economics. The lectures, delivered by leading scholars including Joseph Dorfman, C. E. Ayres, and Simon Kuznets, honor the legacy of these thinkers while offering insights into the ongoing relevance of institutional economics. The contributors illuminate how these early economists laid the groundwork for addressing critical social and economic issues, influencing figures such as Edwin E. Witte and Sumner Slichter. By emphasizing practical application and interdisciplinary thinking, the book underscores the enduring impact of institutional economics on both theory and practice.This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1963.
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This new work by Neil W. Chamberlain will be of great importance to the business community -- and to all those charged with defining the role large corporations play in the affairs of society.Social Strategy and Corporate Structure is an objective, indepth examination of the organizational requirements of a social role for large-scale business. The role Neil Chamberlain presents is one of heroic dimensions: the political choice of goals, the strategic allocation of resources, and the tactical operations of the mechanisms of production.While there has been much discussion of corporate social responsibility, few have investigated the ways its structure will have to change if the corporation is to pursue a strategy that is both economic and social. This timely book integrates a large number of issues involving corporate activities and governance that go directly to the heart of this problem.In step-by-step detail, Chamberlain analyzes the organizational imperatives of this new age of social responsibility: the composition and functions of boards of directors and the relation of their duties to a broad system of national planning; the internal social audit; changes in the characteristics of corporate social planning; and proposals for restructuring ultimate corporate authority, either through public or outside directors. In addition, he examines the potential relevance of federal chartering of corporations, and the effects of international economic interdependence on the development of a new corporate social strategy.This book is not a detailed blueprint for change. Rather, it presents a thorough, systematic study of available courses of action for improvement, based on the principle that conventional notions of corporate independence will have to be modified for any social strategy to work. And while not everyone will agree with Neil Chamberlain, few can afford to ignore his provocative insights into what corporations must do to function effectively in a changed social environment.