Title
The Limits of Organization (Fels Lectures on Public Policy Analysis),Used
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The tension between what we wish for and what we can get, between values and opportunities, exists even at the purely individual level. A hermit on a mountain may value warm clothing and yet be hardpressed to make it from the leaves, bark, or skins he can find. But when many people are competing with each other for satisfaction of their wants, learning how to exploit what is available becomes more difficult. In this volume, Nobel Laureate Kenneth J. Arrow analyzes why and how human beings organize their common lives to overcome the basic economic problem: the allocation of scarce resources. The price system is one means of organizing society to mediate competition, and Arrow analyzes its successes and failures. Alternative modes of achieving efficient allocation of resources are explored: government, the internal organization of the firm, and the 'invisible institutions' of ethical and moral principles. Professor Arrow shows how these systems create channels to make decisions, and discusses the costs of information acquisition and retrieval. He investigates the factors determining which potential decision variables are recognized as such. Finally, he argues that organizations must achieve some balance between the power of the decision makers and their obligation to those who carry out their decisions between authority and responsibility.
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- Q: What is the main focus of 'The Limits of Organization'? A: The book primarily discusses how human beings organize their lives to allocate scarce resources, exploring the balance between individual values and available opportunities.
- Q: Who is the author of this book? A: The author is Kenneth J. Arrow, a Nobel Laureate known for his work in economics and public policy.
- Q: What type of binding is used for this edition? A: This edition is a paperback binding.
- Q: How many pages does the book contain? A: The book contains 88 pages.
- Q: When was 'The Limits of Organization' published? A: The book was published on February 17, 1974.
- Q: What are the key themes discussed in the book? A: Key themes include the price system's role in mediating competition, alternative resource allocation methods, and the balance between decision-making power and responsibility in organizations.
- Q: Is this book suitable for beginners in economics? A: While the book is insightful, it may be more suitable for readers with some background in economics or public policy due to its analytical depth.
- Q: What is the edition of this book? A: This is the First Edition of 'The Limits of Organization'.
- Q: Does the book cover any case studies or practical examples? A: Yes, Arrow discusses various systems and their effectiveness in resource allocation, which may include practical examples of decision-making in organizations.
- Q: What can I learn from reading this book? A: Readers can gain insights into the complexities of resource allocation, the organization of society, and the interplay between ethical principles and economic decisions.