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

Research output: Working paperResearch

Abstract

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.
Original languageEnglish
Place of PublicationFrederiksberg
PublisherDRUID - Danish Research Unit for Industrial Dynamics
Number of pages35
ISBN (Print)8778730511
Publication statusPublished - 1998
SeriesDRUID Working Paper
Number98-14

Cite this

Foss, K., & Foss, N. J. (1998). The Market Process and The Firm: Toward a Dynamic Property Rights Perspective. DRUID - Danish Research Unit for Industrial Dynamics. DRUID Working Paper, No. 98-14