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The Transaction Cost Theory of the (Multinational) Firm - Reply

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  • C. Paul Hallwood

Abstract

The thesis by HALLWOOD [1994] is compactly restated, showing that most of Love's points are either already encompassed, or, are useful extensions of it. Love's idea that production cost differences between firms are necessarily caused by transaction costs is rejected, as differences between firms in the capital valuation of firm-specific knowledge may be due to uncertainty.

Suggested Citation

  • C. Paul Hallwood, 1997. "The Transaction Cost Theory of the (Multinational) Firm - Reply," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(4), pages 683-683, December.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199712)153:4_683:ttctot_2.0.tx_2-l
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    Cited by:

    1. Janis Kapler, "undated". "The Theory of the Firm, the Theory of Competition and the Transnational Corporation," Working Papers 6, University of Massachusetts Boston, Economics Department.

    More about this item

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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