Markets and Multiunit Firms from an American Historical Perspective
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.
|Date of creation:||Apr 2001|
|Date of revision:|
|Publication status:||published as Advances in Strategic Management v. 18. Emerald Group Publishing Limited, 2001.|
|Contact details of provider:|| Postal: |
Web page: http://www.nber.org
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 311-29, March-Apr.
- 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.
- 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.
- 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.
- Kenneth L . Sokoloff, 1983. "Investment in Fixed and Working Capital During Early Industrialization: Evidence from U.S. Manufacturing Firms," UCLA Economics Working Papers 311, UCLA Department of Economics.
- 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.
- 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.
- Libecap, Gary D, 1992.
"The Rise of the Chicago Packers and the Origins of Meat Inspection and Antitrust,"
Western Economic Association International, vol. 30(2), pages 242-62, April.
- Gary D. Libecap, 1991. "The Rise of the Chicago Packers and the Origins of Meat Inspection and Antitrust," NBER Historical Working Papers 0029, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:8232. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.