Economics of the Firm and Economic Growth. An hybrid theoretical framework of analysis
The characterization of individual firms is an essential step toward the study of the behaviour of industries and other more aggregated units of economics, and so to the analysis of economic growth processes. Hence, the main goal of this study is to achieve a critical discussion around the conceptualisation of the firm and its role in the dynamical process of economic growth. The approach to the main topic starts with the construction of a theoretical matrix of the economics of the firm, opening with the two major traditions of institutionalist thought in economics, and evolving then towards some considerations around the contractual and the evolutionary approaches. Another important theoretical stream that deals with organizations in economic and sociological terms also appears, the population ecology approach. After this overview, it is developed a cross-exam of distinct theoretical perspectives and the identification of possible flaws of the neoclassical theory. This confrontation, which goes throughout many imperative and controversial issues within economics such as the nature of the firm and the cognitive capacities of economic agents, results in a systematisation about the impact of this discussion on economic growth. The conclusions appear as crucial to develop further research aiming the construction of economic growth models based on a microeconomics that is closer to the reality of firms.
|Date of creation:||Sep 2004|
|Contact details of provider:|| Postal: Rua Dr. Roberto Frias, 4200 PORTO|
Web page: http://www.fep.up.pt/
More information through EDIRC
References listed on IDEAS
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.:
- Hart, Oliver & Moore, John, 1990.
"Property Rights and the Nature of the Firm,"
Journal of Political Economy,
University of Chicago Press, vol. 98(6), pages 1119-1158, December.
- Oliver Hart & John Moore, 1988. "Property Rights and the Nature of the Firm," Working papers 495, Massachusetts Institute of Technology (MIT), Department of Economics.
- Hart, Oliver D. & Moore, John, 1990. "Property Rights and the Nature of the Firm," Scholarly Articles 3448675, Harvard University Department of Economics.
- Rutherford,Malcolm, 1994.
"Institutions in Economics,"
Cambridge University Press, number 9780521451895, December.
- Aghion, P. & Howitt, P., 1990.
"A Model Of Growth Through Creative Destruction,"
DELTA Working Papers
90-12, DELTA (Ecole normale supérieure).
- Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
- Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," UWO Department of Economics Working Papers 8904, University of Western Ontario, Department of Economics.
- Philippe Aghion & Peter Howitt, 1990. "A Model of Growth Through Creative Destruction," NBER Working Papers 3223, National Bureau of Economic Research, Inc.
- Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," Working papers 527, Massachusetts Institute of Technology (MIT), Department of Economics.
- Alchian, Armen A. & Demsetz, Harold, 1973. "The Property Right Paradigm," The Journal of Economic History, Cambridge University Press, vol. 33(01), pages 16-27, March.
- Dahlman, Carl J, 1979. "The Problem of Externality," Journal of Law and Economics, University of Chicago Press, vol. 22(1), pages 141-162, April.
- Cohendet, Patrick & Steinmueller, W Edward, 2000. "The Codification of Knowledge: A Conceptual and Empirical Exploration," Industrial and Corporate Change, Oxford University Press, vol. 9(2), pages 195-209, June.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- Dosi, Giovanni & Nelson, Richard R, 1994. "An Introduction to Evolutionary Theories in Economics," Journal of Evolutionary Economics, Springer, vol. 4(3), pages 153-172, September.
- Holmstrom, Bengt & Milgrom, Paul, 1994. "The Firm as an Incentive System," American Economic Review, American Economic Association, vol. 84(4), pages 972-991, September.
- Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626 National Bureau of Economic Research, Inc.
- Oliver D. Hart, 1987.
"Incomplete Contracts and the Theory of the Firm,"
448, Massachusetts Institute of Technology (MIT), Department of Economics.
- Mathias Dewatripont & Philippe Aghion & Patrick Rey, 1997.
"Corporate governance, competition policy and industrial policy,"
ULB Institutional Repository
2013/9613, ULB -- Universite Libre de Bruxelles.
- Aghion, Ph. & Dewatripont, M. & Rey, P., 1997. "Corporate governance, competition policy and industrial policy," European Economic Review, Elsevier, vol. 41(3-5), pages 797-805, April.
- Shubik, Martin, 1975. "The General Equilibrium Model Is Incomplete and Not Adequate for the Reconciliation of Micro and Macroeconomic Theory," Kyklos, Wiley Blackwell, vol. 28(3), pages 545-573.
- Richard N. Langlois & Nicolai J. Foss, 1997.
"Capabilities and Governance the Rebirth of Production in the Theory of Economic Organization,"
DRUID Working Papers
97-2, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
- 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.
- Richard N. Langlois & Nicolai J. Foss, 1996. "Capabilities and Governance the Rebirth of Production in the Theory of Economic Organization," Working papers 1996-02, University of Connecticut, Department of Economics.
- Winter, Sidney G, 1988. "On Coase, Competence, and the Corporation," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 163-180, Spring.
- Dosi, G & Egidi, M, 1991. "Substantive and Procedural Uncertainty: An Exploration of Economic Behaviours in Changing Environments," Journal of Evolutionary Economics, Springer, vol. 1(2), pages 145-168, April.
When requesting a correction, please mention this item's handle: RePEc:por:fepwps:158. 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 you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.