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|
|Publication status:||published as Advances in Strategic Management v. 18. Emerald Group Publishing Limited, 2001.|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
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.:
- 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.
- Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 311-329, March-Apr.
- 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 615-641, August.
- 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 242-262, 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.
- 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.
- George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.