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Economic Theories of the Firm: Past, Present, and Future

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  • Paul Milgrom
  • John Roberts

Abstract

The authors explore the current state of the theory of the firm, with attention to its historical origins. Answers to the crucial theoretical question of why an organization c ontrolled by a central authority cannot always duplicate the performa nce of a decentralized organization are presented. Finally, the autho rs describe some important current directions in the theory of the fi rm and point out promising avenues for continuing research.

Suggested Citation

  • Paul Milgrom & John Roberts, 1988. "Economic Theories of the Firm: Past, Present, and Future," Canadian Journal of Economics, Canadian Economics Association, vol. 21(3), pages 444-458, August.
  • Handle: RePEc:cje:issued:v:21:y:1988:i:3:p:444-58
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    Citations

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    Cited by:

    1. Nicolai J. Foss, 1997. "Incomplete Contracts and Economic Organization Brian Loasby and the Theory of the Firm," DRUID Working Papers 97-11, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    2. Nicolai J. Foss & Peter G. Klein, 2005. "The Theory of the Firm and Its Critics A Stocktaking and Assessment," DRUID Working Papers 05-03, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    3. Muñoz-Herrera, Manuel & Palacio, Luis Alejandro, 2014. "Drug Dealing In Bucaramanga: Case Study In A Drug Producing Country," MPRA Paper 58523, University Library of Munich, Germany.
    4. Nicolai J. Foss & Peter G. Klein, 2010. "Critiques of Transaction Cost Economics: An Overview," Chapters,in: The Elgar Companion to Transaction Cost Economics, chapter 25 Edward Elgar Publishing.
    5. Langlois, Richard N & Foss, Nicolai J, 1999. "Capabilities and Governance: The Rebirth of Production in the Theory of Economic Organization," Kyklos, Wiley Blackwell, vol. 52(2), pages 201-218.
    6. Lepori, Benedetto, 2011. "Coordination modes in public funding systems," Research Policy, Elsevier, vol. 40(3), pages 355-367, April.
    7. Thierry BURGER-HELMCHEN, 2008. "Création de la firme et genèse de l’organisation, une approche évolutionniste du processus entrepreneurial," Working Papers of BETA 2008-23, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    8. Russell Smyth & Dic Lo, 2000. "Theories of the Firm and the Relationship between Different Perspectives on the Division of Labour," Review of Political Economy, Taylor & Francis Journals, vol. 12(3), pages 333-349.
    9. Pei, Di, 2010. "Incomplete Contracts: Foundations and Applications," MPRA Paper 23650, University Library of Munich, Germany, revised 10 Jun 2010.
    10. Ash Amin & Patrick Cohendet, 2000. "Organisational Learning and Governance Through Embedded Practices," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 4(1), pages 93-116, March.
    11. Christoff Loch, 1995. "Collaboration, Motivation, and the Size of Organizations," Working Papers _005, Xerox Research Park.

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