Elements of a theory of the responsible firm

Contributor(s): Professor Patrick Bolton | Patrick Bolton will be talking on the topic of Elements of a Theory of the Responsible Firm. The lecture will begin with a short review of economic theories of the firm, pointing out that although all the economic theories see the firm as an institutional response to improve on market and contractual inefficiencies, they ignore the problem of the economic responsibility of firms in a world of market inefficiencies, externalities, and government failures. Professor Bolton will then turn to a discussion of the meaning of economic responsibility, its relevance, and practical implications for firms, by drawing on some key readings from management, law, and philosophy.