The essence of the modern corporation: Markets, strategic decision-making and the theory of the firm
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 1463-6786Full text not available from this repository.
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|
|Number of Pages:||28|
|Page Range:||pp. 59-86|
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