Economic Theories of the Firm: Past, Present, and Future

Paul Milgrom and John Roberts

Canadian Journal of Economics, 1988, vol. 21, issue 3, 444-58

Abstract: The authors explore the current state of the theory of the firm, with attention to its historical origins. Answers to the crucial theoretical question of why an organization c ontrolled by a central authority cannot always duplicate the performa nce of a decentralized organization are presented. Finally, the autho rs describe some important current directions in the theory of the fi rm and point out promising avenues for continuing research.

Date: 1988
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