Capabilities and Governance: The Rebirth of Production in the Theory of Economic Organization

Richard N. Langlois; Nicolai J. Foss

Capabilities and Governance: The Rebirth of Production in the Theory of Economic Organization

Richard N. Langlois, Nicolai J. Foss

University of Connecticut

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Abstract

We argue that since Coase’s seminal 1937 paper on “The Nature of the Firm,” there has been an odd and unjustified separation between price theory and the economics of organization. For example, matters of production has been the domain of the former exclusively. However, a new approach to economic organization, here called “the capabilities approach,” that places production
center-stage in the explanation of economic organization, is now emerging. We discuss the sources of this approach and its relation to the mainstream economics of organization.

Original language	English
Place of Publication	Frederiksberg
Publisher	DRUID - Danish Research Unit for Industrial Dynamics
Number of pages	44
ISBN (Print)	8778730201
Publication status	Published - 1997

Series	DRUID Working Paper
Number	97-2

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DRUID Working Paper No. 97-2Final published version, 202 KBLicence: CC BY-NC-ND

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