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This course offers a theoretical microeconomic approach to markets and organisations, founded on the idea that markets themselves can structure transactions in a variety of ways. Although economic theory devotes considerable attention to markets, prices, and transactions, it provides relatively little systematic analysis of the diversity of market forms as such. By contrast, in the wake of the behavioural theory of organisations, economic theories of organisations—particularly those concerning the capitalist firm—have experienced significant development over the past half-century.

Without claiming to be exhaustive, the course provides an overview of these approaches, including transaction‑cost theory, property‑rights theories, contract and information theories, and evolutionary theory. It also places particular emphasis on two major themes in the economics of organisations: the relationship between employer and employee, and the relationship between manager and shareholder.