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The Internal Organization of the Firm, Transaction Costs and Macroeconomic Growth

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Author Info

  • Martimort, D.
  • Verdier, T.

Abstract

This paper proposes an analysis of the links between the internal organization of firms and macroeconomic growth. We present a Schumpeterian growth model in which firms face agency costs. These agency costs are due to the existence of asymmetries of information and the formation of internal vertical collusions. As a response to the opportunity of internal collusion optimal incentive contracts depend on the efficiency of collusive side contracting within organizations.

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Bibliographic Info

Paper provided by Laval - Laboratoire Econometrie in its series Papers with number 1999-08.

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Length: 24 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:lavale:1999-08

Contact details of provider:
Postal: Chaire d'economie et d'econometrie de l'assurance; DELTA; CREST; PARIS, France.

Related research

Keywords: ECONOMIC GROWTH ; COSTS ; BUSINESS ORGANIZATION ; CONTRACTS;

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Cited by:
  1. Ottaviano, Gianmarco Ireo Paolo, 2007. "Contract Enforcement, Comparative Advantage and Long-Run Growth," CEPR Discussion Papers 6419, C.E.P.R. Discussion Papers.
  2. David Martimort & Thierry Verdier, 2004. "The Agency Cost of Internal Collusion and Schumpeterian Growth," Review of Economic Studies, Oxford University Press, vol. 71(4), pages 1119-1141.
  3. Francois, P. & Lloyd-Ellis, H., 2003. "Co-movement, Capital and Contracts: 'Normal' Cycles Through Creative Destruction," Discussion Paper 2003-62, Tilburg University, Center for Economic Research.

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