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Bruce Prideaux and Anna Phelan
Edited by Dimitrios Buhalis
Xiaoqing Chen and Carol Xiaoyue Zhang
Claudio Milano, Marina Novelli and Joseph M. Cheer
Alastair M. Morrison
Edited by Elizabeth Pollman and Robert B. Thompson
Brian R. Cheffins
Accepted views of a classic academic work can quite readily distort the original text. Michael Jensen and William Meckling’s widely cited 1976 article “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure” exemplifies the pattern. The article has been cited as a key inspiration for various significant governance changes affecting publicly traded firms, including moving the maximization of shareholder value to the top of the managerial priority list. Jensen and Meckling in fact had little to say about altering the corporate landscape, partly because they were favorably disposed toward the public company. This chapter canvasses the wide gap between what Jensen and Meckling supposedly said about the public company and what they actually said and explains how this discrepancy occurred.
The discussion in this chapter commences by following the evolving ideas of the general notion “complex system” and the way they were applied to complexity theories of cities (CTC) – a domain of research that applies the various theories of complexity to the study of cities, their planning and design. Then, the chapter suggests going beyond the current state of cities and complexity by acknowledging that cities have their own uniqueness and intellectual history. This implies treating cities as hybrid complex systems composed of artifacts which are simple systems and urban agents which are complex systems, taking into consideration the cognitive capabilities of urban agents, elaborating ‘small data’ in addition to ‘big data’, and, making links not only to the quantitative tradition in the study of cities, but also to their hermeneutic, social theory oriented, traditions.