Theories of the Firm

John Kay

International Journal of the Economics of Business, 2018, vol. 25, issue 1, 11-17

Abstract: Since the seminal contributions of Coase, Williamson, Jensen and Meckling, and Easterbrook and Fischel, the characterisation of the firm as a nexus of contracts, its boundaries determined by the relative costs of markets and hierarchical organisation, has dominated the economic theory of the firm. The capabilities-based approach of Penrose, largely ignored by economists but developed in the resource-based theory of business strategy, provides a more illuminating perspective on a globalised and evolving business environment.

Date: 2018
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DOI: 10.1080/13571516.2017.1402468

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