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Markets and Multiunit Firms from an American Historical Perspective

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Author Info
Sukkoo Kim
Abstract

The expansion of markets and industrialization greatly increased the benefits of specialization in the U.S. economy. However, since the benefits of specialization can only be realized through trade, specialization significantly increases the volume of market transactions in the economy. The analysis presented in this paper suggests that a better understanding of the historical changes in the nature of market transactions costs, especially those related to information, is likely to provide considerable insights on the rise of the modern business enterprise and a richer understanding of the industrial organization of the U.S. economy.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8232.

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Date of creation: Apr 2001
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Handle: RePEc:nbr:nberwo:8232

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Find related papers by JEL classification:
N0 - Economic History - - General
L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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  1. Schmalensee, Richard, 1978. "A Model of Advertising and Product Quality," Journal of Political Economy, University of Chicago Press, vol. 86(3), pages 485-503, June. [Downloadable!] (restricted)
  2. Sokoloff, Kenneth L., 1984. "Investment in Fixed and Working Capital During Early Industrialization: Evidence from U. S. Manufacturing Firms," The Journal of Economic History, Cambridge University Press, vol. 44(02), pages 545-556, June. [Downloadable!]
  3. Kenneth L. Sokoloff, 1984. "Investment in Fixed and Working Capital During Early Industrialization: Evidence From U.S. Manufacturing Firms," NBER Working Papers 1385, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 311-29, March-Apr. [Downloadable!] (restricted)
  5. Klein, Benjamin & Leffler, Keith B, 1981. "The Role of Market Forces in Assuring Contractual Performance," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 615-41, August. [Downloadable!] (restricted)
  6. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August. [Downloadable!] (restricted)
  7. Libecap, Gary D, 1992. "The Rise of the Chicago Packers and the Origins of Meat Inspection and Antitrust," Economic Inquiry, Oxford University Press, vol. 30(2), pages 242-62, April.
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  1. Zeynep Hansen & Marc T. Law, 2006. "The Political Economy of "Truth-in-Advertising" Regulation During the Progressive Era," NBER Working Papers 11927, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Marc T. Law & Gary D. Libecap, 2004. "The Determinants of Progressive Era Reform: The Pure Food and Drugs Act of 1906," NBER Working Papers 10984, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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