A New Institutional Approach to Organization

Claude Menard

Chapter 12 in Handbook of New Institutional Economics, 2008, pp 281-318 from Springer

Abstract: Modern economic theory has long neglected, even ignored, the analysis of the different modes of organization that characterize a market economy. Notwithstanding the efforts of Alfred Marshall, one of its founding fathers, in identifying the properties of “business organizations” (1920, Book IV, chap. 10 sq.), standard microeconomics relied for decades on the concept of firms as production functions, an umbrella to the technologically determined combination of inputs.

Keywords: Corporate Governance; Transaction Cost; Vertical Integration; Economic Behavior; Price System (search for similar items in EconPapers)
Date: 2008
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Chapter: A New Institutional Approach to Organization (2005)
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DOI: 10.1007/978-3-540-69305-5_13

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