Theories of the Firm

Jacqueline Cannon and Patricia M. Hillebrandt

Chapter 1 in The Management of Construction Firms, 1989, pp 1-8 from Palgrave Macmillan

Abstract: Abstract The large firm is a phenomenon of the 20th century. At the time of the development of micro-economics, the typical firm was small and owner-controlled. The owner took risks backed by his own capital, and was accountable only to himself. Economists focused on such a firm, within markets where products were standardised, buyers and suppliers were large in number and well informed about the conditions prevailing in these markets, and where prices were set by the market forces. That is perfect competition.

Keywords: Transaction Cost; Large Firm; Family Firm; Traditional Theory; Joint Stock Company (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-13626-1_1

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DOI: 10.1007/978-1-349-13626-1_1

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