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David J. Teece and Neil M. Kay

This stimulating research review analyses how the theory of the firm evolved from several core concepts and building blocks that underpin this important area of economics. It discusses a variety of perspectives from leading scholars in the field, including the basic elements of: risk and uncertainty; information and knowledge; bounded rationality and decision making; motives and incentives; resources and capabilities; and transactions. The review goes on to examine how the various elements are integrated into the modern Theory of the Firm with the notion of organization coming increasingly to the fore. It focuses on norms; rules and routines; the entrepreneur; governance; hierarchies; co-operation, teams and networks; innovation and appropriability. This comprehensive review will be an invaluable reference tool for all researchers and students with an interest in the modern theory of the firm, highlighting how it needs to evolve further to address the important management and policy issues of our time.
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Transforming Industrial Policy for the Digital Age

Production, Territories and Structural Change

Edited by Patrizio Bianchi, Clemente R. Durán and Sandrine Labory

This book argues that digital globalization is inducing deep and productive transformations, making industrial policy necessary in order to reorientate development towards inclusive and more sustainable growth. The book also demonstrates that industrialization remains an important development process for emerging countries. Regarding the future of jobs, the authors show how the substitution of labour in automation is not inevitable since technology is also complementary to human capital. Policymakers should pay more attention to the new skills that will be required. A particular concern is is the rapid change in technology and business compared to institutions which take time to adapt. Territories have an important role to play in order to speed-up institutional adaptation, providing they can act coherently with the other levels of government.
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John Humphrey

This insightful research review discusses some of the most influential papers in the economics field of global value chains. Focusing on globalization, fragmentation and coordination of production across geographical as well as enterprise boundaries, it pays particularly close attention to how businesses in developing countries are incorporated into global production and distribution networks. The review analyses many of the texts that framed the global value chain approach together with in-depth case-studies of particular sectors and policy-oriented research concerned with reducing poverty and accelerating growth in poorer countries. This review would be of great interest to students and researchers working in the fields of globalisation, geography and international business.
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Kei-Mu Yi, Michael Sposi and Jing Zhang

This informative research review discusses the most prominent papers within the economics of structural change and growth. This piece focuses on research that investigates the causes and consequences of structural change with either theoretical or calibrated models, mindfully referring to some of the most celebrated literature over the last two decades. The research review analyses literature covering the impact structural change has on an array of economic factors including convergence, per capita income and spatial development. Prefaced by an original introduction from the editors, this collection would be well suited to scholars and macro-development economists wishing to extend their knowledge of this compelling topic.
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Lorraine Eden

This authoritative research review discusses the most influential papers relating to the economics of transfer pricing. The piece notably covers the topic of transfer pricing in light of divisionalization, government regulations, bargaining models, market distortions and product characteristics as well as touching on the important subjects of empirical estimates of transfer price manipulation and transfer mispricing estimates. Written by Lorraine Eden, one of the founders and a leading contributor to the field, this research review promises to be useful reading for doctoral students, faculty members and policy makers who wish to extend their knowledge on the economics of transfer pricing.
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Managing Currency Risk

How Japanese Firms Choose Invoicing Currency

Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu

This book demonstrates how exporters’ decisions regarding choice of invoice currency can be influenced by many factors including firm size, product competitiveness, intra/inter-firm trades, and the geography of export destination. The aim is to enhance our understanding of exporters’ behavior in terms of managing currency risk. It contains detailed research and insightful data focusing on Japanese exporters and shows how they face an important trade-off in choosing the invoice currency. If exports are invoiced in yen, then exchange rate fluctuations will pass through to retail prices ultimately affecting sales volumes. However, if they choose to invoice in the importer’s currency, then sales volumes are largely unchanged.
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Edited by Young-Myon Lee and Bruce E. Kaufman

The Evolution of Korean Industrial and Employment Relations explores current employment and workplace relations practice in South Korea, tracing their origins to key historical events and giving cultural, politico-economic and global context to the inevitable cultural adaptation in one of Asia’s ‘miraculous’ democracies.
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Edited by Bruce A. Seaman and Dennis R. Young

Building on the success of the first edition, this thoroughly revised and expanded edition explores (1) areas of general agreement from previous research; (2) areas of conflicting results and unexplored questions; (3) the relative roles of theory, data availability and empirical analysis in explaining gaps in our knowledge; and (4) what must be done to improve our knowledge and extend the literature. Selected original chapters addressing especially challenging topics include the value of risk management to nonprofit decision-making; nonprofit wages theory and evidence; the valuation of volunteer labor; property tax exemption for nonprofits; when is competition good for the third sector; and product diversification and social enterprise; international perspectives; the application of experimental research and the macroeconomic effects of the nonprofit sector.
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Industrial Policy for the Manufacturing Revolution

Perspectives on Digital Globalisation

Patrizio Bianchi and Sandrine Labory

This book offers a critical reflection on the meaning and expected impact of the fourth industrial revolution, and its implications for industrial policy. Industrial revolutions are considered not only in terms of technological progress, but also in the context of the changing relationship between market and production dynamics, and the social and political conditions enabling the development of new technologies. Industrial Policy for the Manufacturing Revolution aims to increase our capacity to anticipate and adapt to the forthcoming structural changes. A concrete illustration of this industrial policy is provided through an experience of its implementation at regional level.
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The Evolutionary Complexity of Endogenous Innovation

The Engines of the Creative Response

Cristiano Antonelli

The notion of endogenous innovation as the outcome of the creative response of firms to out-of-equilibrium conditions is the cornerstone of the new evolutionary complexity. This book elaborates and applies the theoretical framework established in the author’s previous work Endogenous Innovation: The Economics of an Emergent System Property. This volume carefully explores the role of the reactivity of firms to out-of-equilibrium conditions. It also examines the quality of knowledge governance mechanisms in assessing the levels of externalities that define the likelihood of creative responses, as an alternative to adaptive responses.