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Explaining Firm Emergence: Specialization, Transaction Costs, and the Integration Process

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  • Per L. Bylund

Abstract

This article explains firm emergence and the role of firms in the market structure using the productive power of specialization. Based on productivity efficiencies through technological specialization, a model for firm emergence is drafted alongside Coasean transaction cost theory. I find that transaction costs cannot explain firm emergence, but the entrepreneurial specialization perspective here adopted provides a promising approach to understanding the firm's function to the entrepreneur and its internal organization and capabilities. It suggests a foundational framework for studying the creation of capabilities and the interplay between markets, firms, and entrepreneurs. Copyright © 2014 John Wiley & Sons, Ltd.

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  • Per L. Bylund, 2015. "Explaining Firm Emergence: Specialization, Transaction Costs, and the Integration Process," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 36(4), pages 221-238, June.
    • Handle: RePEc:wly:mgtdec:v:36:y:2015:i:4:p:221-238
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    Cited by:

    1. Darcy W E Allen, 2020. "When Entrepreneurs Meet:The Collective Governance of New Ideas," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number q0269, January.
    2. Ennio E. Piano & Louis Rouanet, 2020. "Economic calculation and the organization of markets," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(3), pages 331-348, September.
    3. Per L. Bylund, 2019. "Where is the Austrian theory of collaborative orders? Comment on Elert and Henrekson," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 339-347, December.

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