Markets and Multiunit Firms from an American Historical Perspective

Sukkoo Kim

No 8232, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The expansion of markets and industrialization greatly increased the benefits of specialization in the U.S. economy. However, since the benefits of specialization can only be realized through trade, specialization significantly increases the volume of market transactions in the economy. The analysis presented in this paper suggests that a better understanding of the historical changes in the nature of market transactions costs, especially those related to information, is likely to provide considerable insights on the rise of the modern business enterprise and a richer understanding of the industrial organization of the U.S. economy.

JEL-codes: L2 N0 (search for similar items in EconPapers)
Date: 2001-04
Note: DAE
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Published as Advances in Strategic Management v. 18. Emerald Group Publishing Limited, 2001.

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