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Unformatted text preview: Economics 448 Class Notes 9/30/09 Problems:- Lemons FOR THE EXAM: Go to his website and download the two practice exams. Hayak planning is good, but what level does planning happen at? Lower levels Highest levels of the government? Williamson Whenever you get people together, they are said to have a propensity to manage.- Propensity to manage the desire to control how one acts o There is this overwhelming desire to manage that problem o Specific types: Instrumental propensity overwhelming desire to manage ALL problems and to tell people what to do Strategic propensity Trying to get resources devoted to yourself rather than used in other aspects. Different subunits within the firm will be strategic in acquiring resources for themselves Forgiveness Forgiveness anytime we want to make a decision (regarding employment), there has to be due process We have to have procedures when making certain kinds of decisions o Example: employment Tenure Long-term contracts Lifetime contract Not on tenure-track Adjunct-professors Short-term contract Short-term employment (NOT on tenure-track) Long-term employment (Tenure track) contract...
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This note was uploaded on 01/07/2010 for the course ECON 448 taught by Professor Nonnenmacher during the Fall '07 term at Allegheny.
- Fall '07