The Market Process and The Firm: Toward a Dynamic Property Rights Perspective

Publikation: Working paperForskning

Abstrakt

We discuss the relations between alternative conceptualizations of the market process − neoclassical, Austrian and radical subjectivist/evolutionary − and alternative approaches to economic organization, for example, nexus of contract theory, Williamsonian transaction cost economics and the dynamic transaction cost approach of Langlois and Robertson. We argue that there is a distinct need for more firmly grounding theories of economic organization in theories of the market process, and that key ideas of the more dynamic conceptualizations of the market are likely to substantially enrichen the theory of economic organization.
OriginalsprogEngelsk
Udgivelses stedFrederiksberg
UdgiverDRUID - Danish Research Unit for Industrial Dynamics
Antal sider35
ISBN (Trykt)8778730511
StatusUdgivet - 1998
NavnDRUID Working Paper
Nummer98-14

Citationsformater

Foss, K., & Foss, N. J. (1998). The Market Process and The Firm: Toward a Dynamic Property Rights Perspective. Frederiksberg: DRUID - Danish Research Unit for Industrial Dynamics. DRUID Working Paper, Nr. 98-14