Thrainn Eggertsson Quote

When analyzing the nature of the firm, the new literature tends to emphasize two aspects: A firm involves a set of long-term contracts between input owners, and a firm replaces the product market with a factor market where price signals play a relatively small role (as output is not measured continuously and sold for a price) and, typically, hierarchical relationships are substituted for market exchange.


p. 159 - Economic behavior and institutions. 1990


When analyzing the nature of the firm, the new literature tends to emphasize two aspects: A firm involves a set of long-term contracts between input...

When analyzing the nature of the firm, the new literature tends to emphasize two aspects: A firm involves a set of long-term contracts between input...

When analyzing the nature of the firm, the new literature tends to emphasize two aspects: A firm involves a set of long-term contracts between input...

When analyzing the nature of the firm, the new literature tends to emphasize two aspects: A firm involves a set of long-term contracts between input...