Law & Ecomonics Workshop
02 – 03.12.2019

Video Hub

We have produced a series of YouTube videos to help promote economics to young people.

Max Beloff Centre

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People

Professor Philip Booth

Professor Philip Booth

Director of the Vinson Centre

Director of the Vinson Centre for the Public Understanding of Economics and Entrepreneurship at the University of Buckingham

Professor James Tooley

Professor James Tooley

Vice-Chancellor of the University of Buckingham

Vice-Chancellor of the University of Buckingham. Leading international researcher in education in developing countries

Professor Len Shackleton

Professor Len Shackleton

Professor of Economics at the University of Buckingham

Professor of Economics at the University of Buckingham and expert in labour market economics

Dr. Ali Kabiri

Dr. Ali Kabiri

Head of Department of Economics and International Studies

Head of Department of Economics and International Studies at the University of Buckingham. Researcher in finance

Dr Juan Castañeda

Dr Juan Castañeda

Director of the Institute for International Monetary Research

Senior Lecturer in Economics and Director of the Institute for International Monetary Research at the University of Buckingham

Andreea Dogar

Andreea Dogar

Senior Research Associate in education at the University of Buckingham

Senior Research Associate in education at the University of Buckingham

Professor Martin Ricketts

Professor Martin Ricketts

Emeritus Professor of Economic Organisation at the University of Buckingham

Emeritus Professor of Economic Organisation at the University of Buckingham and Trustee of the Institute of Economic Affairs

Brian Sturgess

Brian Sturgess

Visiting lecturer at the University of Buckingham and managing editor of World Economics

Visiting lecturer at the University of Buckingham and managing editor of World Economics

Katie Jones

Katie Jones

Executive Administrator in the Buckingham Enterprise Innovation Unit and the Vinson Centre

Executive Administrator in the Buckingham Enterprise Innovation Unit and the Vinson Centre

Buckingham Enterprise & Innovation Unit

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BEIU Launch Photo
BEIU Launch Photo

Buckingham Enterprise & Innovation Unit

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Buckingham Enterprise Hub

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ACTIVITIES

PAST EVENTS

Vinson Workshop #1

Vinson Workshop #1

On the Origins, Meaning and Influence of Jensen and Meckling’s Definition of the Firm

David Gindis, University of Herdfordshire

Discussant: Martin Ricketts, University of Buckingham

 

Wednesday, 16 October 2019, 4pm for 4:15pm – Vinson Building VB4

 

Michael Jensen and William Meckling’s (1976) definition of the firm as a legal fiction which serves as a nexus of contracts between individuals sits well with the Coasean narrative on the firm while at the same time being at odds with it. The paper shows that this definition reflected the socio-political context of the 1970s and traces how Jensen and Meckling employed it once they themselves got immersed in the public debate about corporate responsibility and regulation in the late 1970s. It then considers the connections between Jensen and Meckling and the economics of corporate law developed in the 1980s by an innovative breed of corporate lawyers trained in economics following the path broken by Henry Manne, and suggests that Jensen and Meckling supplied this budding literature exactly what it needed: an economic theory of the corporation which could be accorded the weight of scientific truth.

 

David Gindis is a Senior Lecturer in Economics at the University of Hertfordshire, UK. His interdisciplinary research into firms and their institutional environment lies at the intersections of institutional economics, law and economics, organisation studies, corporate governance, business history, and legal and political philosophy. He is particularly interested in the role of corporate personality in the emergence, persistence, governance and evolution of the firm in market economies.

Martin Ricketts is Professor Emeritus of Economic Organisation and founder and Chair of the Max Beloff Institute for the Study of the Constitution of Liberty in the Vinson Centre, with a longstanding interest in the new institutional economics of the firm.

TEACHING PROGRAMMES

Economics

Entrepreneurship

PhD in Educational
Entrepreneurship

PhD in Political Economy

OUR PLACE

Vinson Centre for Economics & Entrepreneurship

info@vinsoncentre.com
+44 (0)1280 000 000

The Vinson Building
University of Buckingham
Hunter Street Buckingham
MK18 1EG UK

CONTACT

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