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Theory Of The Firm-are Firms J
Beginning of paper
Firms are in business for a simple reason: To make money. Traditional economic theory suggests that firms make their decisions on supply and output on the basis of profit maximisation.
However many Economists and managerial Scientists in our days question that the sole aim of a firm is the maximisation of profits.
The most serious criti .... Middle of paper
.... Since ownership gives a person a claim on the profit of the firm, the greater the firm's profit, the higher the owners’ income. Hence the owners goal will be profit maximisation.
When managers’ salary stays unaffected by higher profits they may pursue other goals to raise their personal utility.
This behaviour strikes the critical observer regularly when for example reading or watching the financial media. Managers there oft ....
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Number of words: 1231
Number of pages: 5 (approx. 250 words per double-spaced page)
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