search query: @indexterm COMPANY OWNERSHIP / total: 496
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| Author: | Demsetz, H. |
| Title: | The firm in economic theory: A quiet revolution |
| Journal: | American Economic Review
1997 : MAY, VOL. 87:2, p. 426-429 |
| Index terms: | ECONOMIC THEORY COMPANIES COMPANY OWNERSHIP |
| Language: | eng |
| Abstract: | Neoclassical theory's objective is to understand price-guided resource allocation, not management-guided. In the theory the firms is kind of "black box" into which resources go and out of which goods come, and very little attention is paid how this transformation is accomplished. There is a quite different approach in R. H. Coase's 1937 classic on the nature of the firm in which managed coordination defines the firm. His article explains the existence of firms and their importance, relative to the price system , in the allocation of resources. |
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