Behaviour and theory

Economists and Sir Fred Goodwin … For some reason, the saga unfolding around Sir Fred Goodwin’s pension revelations last week made a connection in my brain with distant memories of economics lectures.  The lecture in question was on the “behavioural theory of the firm”, taken from a book of the same name by Richard Cyert and James March.  Before this book was written in the sixties, the main theory of the firm in economics circles was... [Read More...]