The Theory of the Firm in the Context of Contemporary Economic Higher Education
Abstract
In the paper, the variety of theories which consider the firm as the main actor of the market economy is analyzed. The focus is made on contemporary neoclassical approaches to the study of firms. They include the managerial theory, the behavioral theory, and the stakeholder theory. The modern understanding of the nature of the firm has been enriched by the development of the decision theory with its significant directions of bounded rationality and the game theory. Another important approach is the principalagent theory which can be regarded as a bridge between the neoclassical conception and the neoinstitutional conception. The review is completed by the analysis of the neoinstitutional theory of the firm where special attention is paid to the theory of transaction cost, the theory of incomplete contracts, and the theory of property rights.
Keywords:
economic education
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Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.