The Labor Market and the Institution of the Firm

Xiaokai Yang and Wai-Man Liu
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Wai-Man Liu: University of New South Wales, Australia

Chapter 6 in Inframarginal Economics, 2008, pp 135-169 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:What is the Institution of the Firm?Is It Fair to Have an Asymmetric Relationship between Boss and Employees?-The Story behind the ModelEmergence of the Firm from the Division of LaborEconomies of roundabout productionThe corner equilibria in four structuresGeneral equilibrium structure of transactions and residual rightsThe Distinction Between ex ante and ex post Production Function and the Smithian Analysis of Demand and SupplyEconomies of Division of Labor, Economies of the Firm, and Coase TheoremThe Economies of Division of Labor and the Size of FirmsFurther ReadingQuestionsExercises

Keywords: Inframarginal Economics; Inframarginal Analysis; Division of Labor; Specialization; Network Effects; Smithian Framework; Transaction Costs (search for similar items in EconPapers)
JEL-codes: O30 (search for similar items in EconPapers)
Date: 2008
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