The Essence of the Modern Corporation: Markets, Strategic Decision-Making and the Theory of the Firm
AbstractFollowing Coase's fundamental concern with planning, this paper highlights strategic decision making as important for distinguishing the essence of the modern large corporation. It is consistent with industrial organization analysis of industries yet provides a novel starting point for the theory of the firm. The authors suggest different boundaries to the organization compared to those identified elsewhere and, whereas others peering into the black box of Walrasian theory merely see more of what is on the outside, they see transactions within and without the firm as fundamentally different. The analysis recognizes Pareto inefficiencies but concludes with an optimistic vision for economic policy. Copyright 1998 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 66 (1998)
Issue (Month): 1 (January)
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Postal: Manchester M13 9PL
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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- Geoffrey Hodgson, 2002. "The Legal Nature of the Firm and the Myth of the Firm-Market Hybrid," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 9(1), pages 37-60.
- Branston, J. Robert & Cowling, Keith & Sugden, Roger, 2002. "Corporate Governance And The Public Interest," The Warwick Economics Research Paper Series (TWERPS) 626, University of Warwick, Department of Economics.
- Strange, Roger & Newton, James, 2006. "Stephen Hymer and the externalization of production," International Business Review, Elsevier, vol. 15(2), pages 180-193, April.
- Yamin, Mohammad & Forsgren, Mats, 2006. "Hymer's analysis of the multinational organization: Power retention and the demise of the federative MNE," International Business Review, Elsevier, vol. 15(2), pages 166-179, April.
- Cowling, Keith & Tomlinson, Philip R., 2002. "Re-Visiting The Roots Of Japan'S Structural Decline:The Role Of The Japanese Corporation," The Warwick Economics Research Paper Series (TWERPS) 624, University of Warwick, Department of Economics.
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