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| Author: | Ioannides, S. |
| Title: | Orders and Organizations: Hayekian Insights for a Theory of Economic Organization |
| Journal: | American Journal of Economics and Sociology
2003 : JUL, VOL. 62:3, p. 533-566 |
| Index terms: | ECONOMICS ORGANIZATION THEORIES SOCIAL SCIENCES |
| Language: | eng |
| Abstract: | The authors explore the relevance to the theory of economic organization of the distinction introduced by Hayek between two kinds of social order: spontaneous orders and organizations. The authors argue that Hayek's ideas lead to an understanding of the business firm as a process, which comes very close to some of the core notions of the evolutionary theory of the firm, while they still view the firm as the outcome of a contract among asset owners. First of all, the authors put forth a simple conceptual schema in order to differentiate between contracts that lead to the formation of an organization and ordinary market contracts. The authors then explore the conditions for an understanding of the firm as a set of interconnected processes, rather than as an end state. |
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