Lec 2 - Lecture 1 (Turbo) - Theory of the Firm. ECON 20100: The Elements of Economic Analysis E. Glen Weyl, Assistant Professor of Economics and the College "Theory of the Firm," September 29, 2011. The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory and welfare economics. This lecture discusses the central figure of most of the rest of the course: the firm. We begin by briefly discussing the institutional, legal, political and ethical foundations of the profit maximizing firm, focusing particularly on the debate over Corporate Social Responsibility. We then discuss conflicts within firms and the problem of providing appropriate incentives to employees. Finally, we examine which functions occur within and outside of firms and whether this distinction matters. For readings associated with this lecture and slides, visit: http://www.glenweyl.com/teaching
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