Transaction Cost Economics and Beyond: Towards a New Economics of the FirmPsychology Press, 1994 - Počet stran: 214 Transaction cost economics have come to dominate discussions about the nature of the firm. In this critical analysis of the transaction cost paradigm, Michael Dietrich argues that whilst it offers some vital insights, the transaction cost approach is an inadequate basis for a general theory of the firm. Beginning with an overview of transaction costs, it outlines both the advantages and the disadvantages of the approach. Assuming that the organization of the firm is static, transaction cost economics is least effective in explaining the dynamic aspects of firms' behaviour. However, rather than rejecting the whole approach on these grounds, Michael Dietrich looks at ways in which the theory can be enlarged and its explanatory power increased. Considering such recent innovations as total quality control and just-in-time management the book presents a vision of the firm in which decision making can be both hierarchical and creative. The implications of this for business policy are assessed. |
Obsah
the background | 13 |
A GENERAL FRAMEWORK | 31 |
the boundaries of the firm | 49 |
RELATED INTEGRATION AND THE FIRM | 67 |
UNRELATED INTEGRATION AND THE FIRM | 85 |
QUASIINTEGRATION AND THE FIRM | 100 |
THE FIRM AND ECONOMIC THEORY | 119 |
THE FIRM AS A SYSTEM | 137 |
ECONOMIC POLICY AND THE FIRM | 156 |
CONCLUSIONS | 174 |
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activity addition advantage approach argued argument asset specificity assumptions behaviour bounded rationality capital market Casson central characteristics companies comparative static competitive complexity contracting decentralised decision defined Dietrich discussed in Chapter diversification dominant dynamic earlier economies of scope effects efficiency emphasis endogenise ex ante example exist exogenous exploit facilitate factors firm follows governance structure benefits governance structure costs Hence hierarchy Hodgson idiosyncratic implies important in-house increase individual industrial policy information asymmetries innovation inputs inside contracting institutional internal organisation internalisation intra-firm involved knowledge long-run M-form managerial market-based monopoly power neo-Schumpeterian organisation costs output particular path dependent perspective possible potential private sector problems processes production-distribution profit maximisation public sector putting-out system quasi-integration strategies recognised relationships relevant resource allocation shift short-run static suggested tacit knowledge technological theory tion transaction cost analysis transaction cost economics transaction cost reasoning uncertainty vertical integration Williamson 1985 Williamsonian
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