<i>‘In the forty-plus years since the first dedicated courses on the economics of organization began to emerge, there has been no single resource capturing the scope, issues, and logic of the field to which instructors could direct students. Until now. Professor Langlois’ book begins by locating the sources of organizational problems in the gains to specialization and trade and then proceeds systematically through the nature and source of frictions that impede the realization of those gains and on to the various ways alternative organizational arrangements balance the always-present tradeoffs. Along the way, Professor Langlois also traces the intellectual development of the field’s central ideas and provides expertly chosen case studies to illustrate each topic. In my ideal world, the book would be required reading in all intermediate, and above, microeconomics courses. The economics profession as a whole would likely benefit as a result.’</i>

- Scott E. Masten, University of Michigan, USA,

<i>‘Richard N. Langlois has for a long time been one of the most creative, unique, and inspirational thinkers on the broad subject of economic organization, and how it relates to dynamics, uncertainty, and capabilities. Not all trail-blazers write well—but Langlois certainly does. This book represents Langlois’ take on current thinking on economic organization, or, more narrowly, the theory of the firm, while advancing his own unique perspective. It is simultaneously thought-provoking and engaging, and in all a fun read!’</i>

- Nicolai J. Foss, Copenhagen Business School, Denmark,