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Book Reviews : THEORY OF THE FIRM: RESOURCE ALLOCATION IN A MARKET ECONOMY — 2nd edition KALMAN J. COHEN and RICHARD M. CYERT Prentice Hall £10.85

The focus of the second edition of this book remains on the role of business firms in the resource allocation process. Resource allocation is explored by considering the decision making processes of firms in a variety of market structures, rather than emphasising the functioning of markets per se. Similarly the decision making processes of consumers have been investigated only to the extent necessary for understanding the influence of consumer preferences on the pattern of resource allocation. An understanding of how business firms affect the resource allocation process requires a considerable amount of micro-economic theory. However the authors attempt to indicate the empirical relevance of economic theory by providing numerous illustrations of the manner in which theoretical propositions correspond to and are testable by actual events in the economy. It is fair to say that the book emphasises the use of economic theory to explain the actual functioning of the market economy, rather than economic theory for its own sake. The book assumes that the reader possesses an elementary knowledge of economics and a working knowledge of calculus. Although calculus is used whenever it is felt that it is the most natural technique for conveying an understanding of particular economic concepts, the book could not be described as being of mathematical economics. A teachers’ manual is now available to the second edition of the book. This manual contains discussion questions, comments, and problems relevant to various chapters of the book; detailed answers to all the problems are included as well.