22 Jul HOW DOES THE DISCIPLINE WITHIN FIRMS DIFFER FROM THE DISCIPLINE IMPOSED BY THE (WIDER) MARKET?
. Munger and interviewer Roberts begin by presenting a paradox. What do they mean when they say tha Show more . Munger and interviewer Roberts begin by presenting a paradox. What do they mean when they say that firms are essentially anti-market? 2. What does Munger mean by the phrase the price does the leading? 3. Munger suggests several challenges that arise from the habit of anthropomorphizing the market. These help to explain peoples apparent preference for central planning. What three effects of this anthropomorphizing does he list? 4. How does Mungers invocation of the Dilbert principle help to explain the preponderance of (centralized) economic activity within firms? 5. How does the discipline within firms differ from the discipline imposed by the (wider) market? 6. What role do contracts play in the organization of firms? How might salaried employees be considered simpler forms of contract than outsourced contracts? (That is why dont bosses wear bunny slippers?) 7. Munger says Its not free to use the price system in describing the work of Ronald Coase. What does Munger mean by this and how does it relate to Coases work? 8. What forms of competition do the central plannersthe decision makers within firmsregularly respond to? How do these forms of competition restrict the managers ability to make non-market oriented decisions? 9. How are the challenges to managers ability to make market-oriented decisions often exacerbated in the non-manufacturing (service) sector if the economy? 10. Munger and Roberts discuss Alchian and Demsetzs characterization of the monitor as a specialized function. In this characterization why must there be monitors before a firm can emerge? Show less
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