Economist Lester Thurow writes about profit for The
Concise Encyclopedia of Economics:
One of the reasons that firms might not actually maximize
profit is something called the principal-agent problem,
which is explained in this piece from a publication from
(I have not yet found an appropriate entry for these
Arnold Kling explains profit maximization in his class
Roger McCain, author of the on-line economics textbook
Essential Principles of Economics: A Hypermedia Text,
explains the profit-maximizing amount of labor:
Here is an entry from a popular economics blog
there is. It raises more questions than it answers.
Sweatshops conditions appall many people in rich countries, but should sweatshops be abolished?
Economists say that you need to consider the alternatives
before you answer that question. Opportunity costs should
not be ignored.
These links were checked on July 5, 2008.
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