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1、bri75829_ch03.qxd8/13/087:05PMPage60Markets,Organizations,andtheRoleofKnowledgeCHAPTER3CHAPTEROUTLINEGoalsofEconomicSystemsPropertyRightsandExchangeinaMarketEconomyDimensionsofPropertyRightsGainsfromTradeBasicsofSupplyandDemandThePriceMechanismLinearSupplyandDemandPricesasSocialCoordinatorsMeasurin
2、gtheGainsfromTradeGovernmentInterventionExternalitiesandtheCoaseTheoremMarketsversusCentralPlanningGeneralversusSpecificKnowledgeKnowledgeCreationSpecificKnowledgeandtheEconomicSystemIncentivesinMarketsContractingCostsandExistenceofFirmsContractingCostsinMarketsContractingCostswithinFirmsManagerialDe
3、cisionsSummaryAppendix:ShareholderValueandMarketEfficiencyuchoftheworld’seconomicactivityoccurswithin“freemarkets”whereindividualdecisionsarecoordinatedthroughthepricemechanism.ForMexample,thethreecountrieswiththelargestgrossnationalproducts(GNP)in2005(theUnitedStates,Japan,andGermany)allhavedevel-o
4、pedmarketsystems.Othermorecentrallyplannedeconomies,suchasChinawiththefourthlargestGNPin2005,aremakingincreaseduseofmarkets.Oncloserinspection,however,itisevidentthatasubstantialamountifnotmostoftheproductioninmoderneconomiestakesplaceinsidefirms,wheremultimilliondollarresourceallocationdecisions(e.
5、g.,onwhattoproduceandhowtoproduceit)aremadebymanagerswithouttheuseofmarkettransactions.Themonetarysizeoftheworld’sbri75829_ch03.qxd8/13/087:05PMPage61Chapter3Markets,Organizations,andtheRoleofKnowledge61largestfirmsexceedsthatofmanyeconomies.Forinstance,the2005GNPsofPeru,Kenya,andPortugalwere$73bill
6、ion,$18billion,and$171billion,respectively;the2005netsalesofExxonMobil,GeneralMotors,andWal-Martwere$359billion,$192billion,and$258billion,respectively.Tobeeffective,managersmusthaveaworkingunderstandingofbothmarketsandfirms.Inthischapter,wecontributetothisunderstandingbyexaminingthreeimpor-tantques
7、tions:Howdomarketsystemswork?Whataretherelevantadvantagesofusingmarketsystemscomparedtocentralplanninginlargeeconomies?Whydoweobservesomucheconomicactivityconductedwithinfirmsinmarketeconomies?Answerstothese
