Preface; First Commentary. The firm in theory: its definition and existence; Second Commentary. Agency and non-agency explanations of the firm's organization; Third Commentary. Enterprise control, wealth, and economic development; Fourth Commentary. Profit maximization and rational behavior; Fifth Commentary. The use and abuse of accounting profit data; Sixth Commentary. Management compensation and tournament theory; Seventh commentary. The intensity and dimensionality of competition; References.

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The essays in this volume discuss the theory of the business firm and its applications in economics.

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'… a stimulating and challenging collection of essays which will certainly repay careful reading by those concerned with the issues which Demsetz tackles.' D. P. O'Brien, The Economic Journal

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