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| Tekijä: | Langlois, R. N. Foss, N. J. |
| Otsikko: | Capabilities and governance: The rebirth of production in the theory of economic organization |
| Lehti: | Kyklos
1999 : VOL. 52:2, p. 201-218 |
| Asiasana: | ECONOMICS ORGANIZATIONS PRODUCTION COSTS TRANSACTION COSTS |
| Kieli: | eng |
| Tiivistelmä: | This paper argues that, since Coase's seminal 1937 paper on "the nature of the firm", the economics of organization has focused too exclusively on issues of incentive alignment and has ignored isues of imperfect knowledge in production. How- ever there is now emerging an approach to economic organiza- tion - which we call 'the capabilities approach' - that pla- ces production center-stage in the explanation of economic organization. We argue that the capabilities approach com- plements incentive-based theory (1) by considering the pro- blems of imperfect knowledge in production as well as in governance and (2) by considering issues not only of incen- tive alignment but also of qualitative coordination among holders of specialized, distributed and often tacit knowled- ge. |
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