Theory of the Firm

Walter E. Block and Ivan Jankovic
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Walter E. Block: Loyola University New Orleans
Ivan Jankovic: University of Mary

Chapter 9 in Action and Choice, 2022, pp 137-151 from Springer

Abstract: Abstract Thus far we have analyzed different aspects of the price system: supply and demand, equilibrium, production and consumption, present goods vs future goods, barter and indirect exchange. Most of what we have studied dealt with how individual agents coordinate their activities through the market price system. However, one seeming puzzle needs resolving: if the market is so great, how come production within the firm is not organized through market prices but rather through orders from on high and also via explicit cooperation and teamwork? Why do firms exist on the market? Why don’t individuals just buy and sell products across markets? Why do companies exist?

Date: 2022
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DOI: 10.1007/978-981-19-3751-4_9

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