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date: 05 December 2020

Abstract and Keywords

This article takes a look at the economics approaches to management consulting. It discusses the evolution of economics as well as its basic assumptions. The next section identifies the contributions of new institutional economics for a better understanding of management consulting, especially the concepts of transaction-cost economics, agency theory, and property rights theory. This article also discusses the classical microeconomic theory and behavioral economics and presents contributions from heterodox institutional economics.

Keywords: economics approaches, new institutional economics, transaction-cost economics, agency theory, property rights theory, classical microeconomic theory, behavioral economics, heterodox institutional economics

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