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Economics of the Firm and Economic Growth. An hybrid theoretical framework of analysis

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Author Info

  • Sandra Tavares Silva

    ()
    (CEMPRE, Faculdade de Economia, Universidade do Porto)

  • Aurora Amelia Castro Teixeira

    ()
    (CEMPRE, Faculdade de Economia, Universidade do Porto)

  • Mário Rui Silva

    ()
    (CEDRES, Faculdade de Economia, Universidade do Porto)

Abstract

The characterization of individual firms is an essential step toward the study of the behaviour of industries and other more aggregated units of economics, and so to the analysis of economic growth processes. Hence, the main goal of this study is to achieve a critical discussion around the conceptualisation of the firm and its role in the dynamical process of economic growth. The approach to the main topic starts with the construction of a theoretical matrix of the economics of the firm, opening with the two major traditions of institutionalist thought in economics, and evolving then towards some considerations around the contractual and the evolutionary approaches. Another important theoretical stream that deals with organizations in economic and sociological terms also appears, the population ecology approach. After this overview, it is developed a cross-exam of distinct theoretical perspectives and the identification of possible flaws of the neoclassical theory. This confrontation, which goes throughout many imperative and controversial issues within economics such as the nature of the firm and the cognitive capacities of economic agents, results in a systematisation about the impact of this discussion on economic growth. The conclusions appear as crucial to develop further research aiming the construction of economic growth models based on a microeconomics that is closer to the reality of firms.

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Bibliographic Info

Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 158.

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Length: 34 pages.
Date of creation: Sep 2004
Date of revision:
Handle: RePEc:por:fepwps:158

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Keywords: Firm; Economic Growth; Institutionalism; Evolutionary theory; Contractual Theory; Ecology Population Theory.;

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References

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  1. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
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  14. Shubik, Martin, 1975. "The General Equilibrium Model Is Incomplete and Not Adequate for the Reconciliation of Micro and Macroeconomic Theory," Kyklos, Wiley Blackwell, vol. 28(3), pages 545-73.
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  17. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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Cited by:
  1. Duarte N. Leite & Sandra T. Silva & Óscar Afonso, 2012. "Institutions, Economics and the Development Quest," FEP Working Papers 457, Universidade do Porto, Faculdade de Economia do Porto.
  2. Sandra Tavares Silva & Aurora A.C. Teixeira, 2006. "An evolutionary model of firms' institutional behavior focusing on labor decisions," FEP Working Papers 227, Universidade do Porto, Faculdade de Economia do Porto.

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