UNSPECIFIED. (1998) The essence of the modern corporation: Markets, strategic decision-making and the theory of the firm. MANCHESTER SCHOOL, 66 (1). pp. 59-86. ISSN 1463-6786

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Abstract

Following Cease's fundamental concern with planning, in this paper we highlight strategic decision-making as important for distinguishing the essence of the modern large corporation. It is consistent with industrial organization analysis of industries yet provides a novel starting point for the theory of the firm. We suggest different boundaries to the organization compared with those identified elsewhere, and whereas others peering into the black box of Walrasian theory merely see more of what is on the outside, we see transactions within and without the firm as fundamentally different. The analysis recognizes Pareto inefficiencies but concludes with an optimistic vision for economic policy.

Item Type:	Journal Article
Subjects:	H Social Sciences > HC Economic History and Conditions
Journal or Publication Title:	MANCHESTER SCHOOL
Publisher:	BLACKWELL PUBL LTD
ISSN:	1463-6786
Official Date:	January 1998
Dates:	Date Event January 1998 UNSPECIFIED
Volume:	66
Number:	1
Number of Pages:	28
Page Range:	pp. 59-86
Publication Status:	Published
URI:	http://wrap.warwick.ac.uk/id/eprint/16000

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