In modern economics, the firm is a means of overcoming the inefficiencies generated by transaction costs and incomplete contracts. Its boundaries, therefore, are the means by which the efficiency of competition can be salvaged. Whether or not agents feel comfortable with the values which...

Witztum's text is a robust and challenging introduction to the key principles of economics. It delivers a comprehensive and focused view of the logical core of economic analysis. Presented in a clear and accessible form, the content is nonetheless sufficiently developed to take students beyond...