Why the Firm is the Source for Reducing Transaction CostsAbstract:Governing structures (institutions) are the natural result of the efforts for minimizing transaction costs. As such, selecting the proper governance structure for organizing economic activity is facilitated by transaction characteristics. The firm being seen as an institution is the privilege of neo-institutionalism. We shall begin the analysis of this governance structure by presenting its characteristics: carrying out transactions, the coordinating mechanism and the type of contractual relationship. Then, starting from the hypothesis of the national economy operating as a single firm, we will present the arguments that support this approach, as well as its limitations

Georgescu Cristina Elena

Ovidius University Annals, Economic Sciences Series, 2013, vol. XIII, issue 2, 579-582

JEL-codes: D23 (search for similar items in EconPapers)
Date: 2013
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