ECONOMIC ORGANIZATION, CAPABILITIES AND CO-ORDINATION

G.B. Richardson is often thought of as one of the ‘founding fathers’ of the theory of the firm and the market. His work has given insights into key issues and debates such as markets versus hierarchies, the antitrust implications of price agreements, the economics of information and the concept of competition based upon differentiated firms. Yet whilst he is often quoted, few people are familiar with his original work.

Drawn from a recent colloquium held in his honour, the papers in this volume tie in with the themes central in G.B. Richardson’s work, addressing their significance, their relationship to the work of other economists and their potential for further development. The first few chapters cover themes related to the comparative neglect of Richardson’s work, the links with the Marshallian school and Austrian economics. Later chapters go on to discuss modern thinking on the theory of the firm, connections between economic and management approaches, as well as applications of the ‘Richardson model’ to collaborative arrangements, the growth of the firm and innovation policy. Crucially, the book also includes a recent essay by G.B. Richardson himself, which clearly shows the continuing development of his ideas.

This collection aims to encourage further development of Richardson’s themes. It will make excellent reading for students looking at the capability/competence approach to the firm, and for all those wishing to get to know the work of this important economist.

Nicolai J. Foss is Associate Professor in the Department of Industrial Economics and Strategy at the Copenhagen Business School in Denmark.

Brian J. Loasby is Emeritus Professor in the Department of Economics, University of Stirling.