Financial Markets and Williamson’s Theory of Governance: Efficiency Versus Concentration Versus Power

Louise Davidson

Chapter 21 in Money and Employment, 1990, pp 324-338 from Palgrave Macmillan

Abstract: Abstract The orthodox theory of the firm and of markets assumes structural rationality, that is, the organization is capable of the efficient translation of purpose into action. In orthodox analysis the purpose is assumed to be self-evident; for the firm it is to produce goods for the market in order to maximize profits, and for the market it is to bring buyers and sellers together to maximize utility in consumption. The firm and the market are conceived of as ‘black boxes’ and little analysis is done as to what is happening in those real world black boxes - or even whether the black boxes exist in the real world.

Keywords: Financial Market; Rational Expectation; Financial Asset; Liquid Asset; Real Asset (search for similar items in EconPapers)
Date: 1990
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11513-6_22

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349115136

DOI: 10.1007/978-1-349-11513-6_22

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().