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Economic Theories of the Firm: Past, Present, and Future

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  • Paul Milgrom
  • John Roberts

Abstract

The authors explore the current state of the theory of the firm, with attention to its historical origins. Answers to the crucial theoretical question of why an organization c ontrolled by a central authority cannot always duplicate the performa nce of a decentralized organization are presented. Finally, the autho rs describe some important current directions in the theory of the fi rm and point out promising avenues for continuing research.

Suggested Citation

  • Paul Milgrom & John Roberts, 1988. "Economic Theories of the Firm: Past, Present, and Future," Canadian Journal of Economics, Canadian Economics Association, vol. 21(3), pages 444-458, August.
    • Handle: RePEc:cje:issued:v:21:y:1988:i:3:p:444-58
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    Citations

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    Cited by:

    1. Muñoz-Herrera, Manuel & Palacio, Luis Alejandro, 2014. "Drug Dealing In Bucaramanga: Case Study In A Drug Producing Country," MPRA Paper 58523, University Library of Munich, Germany.
    2. Richard N. Langlois & Nicolai J. Foss, 1999. "Capabilities and Governance: The Rebirth of Production in the Theory of Economic Organization," Kyklos, Wiley Blackwell, vol. 52(2), pages 201-218, May.
    3. Nicolai J. Foss & Peter G. Klein, 2010. "Critiques of Transaction Cost Economics: An Overview," Chapters, in: Peter G. Klein & Michael E. Sykuta (ed.), The Elgar Companion to Transaction Cost Economics, chapter 25, Edward Elgar Publishing.
    4. Claude Ménard, 2017. "Finding our way in the jungle: insights from organization theory," Post-Print hal-04001137, HAL.
    5. Lepori, Benedetto, 2011. "Coordination modes in public funding systems," Research Policy, Elsevier, vol. 40(3), pages 355-367, April.
    6. Russell Smyth & Dic Lo, 2000. "Theories of the Firm and the Relationship between Different Perspectives on the Division of Labour," Review of Political Economy, Taylor & Francis Journals, vol. 12(3), pages 333-349.
    7. Nicholas S. Argyres & Teppo Felin & Nicolai Foss & Todd Zenger, 2012. "Organizational Economics of Capability and Heterogeneity," Organization Science, INFORMS, vol. 23(5), pages 1213-1226, October.
    8. Claude Ménard, 2017. "Finding our way in the jungle: insights from organization theory," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-04001137, HAL.
    9. Ying Bao & Mengze Shi & Ajay Kalra, 2022. "Designing Product Development Contracts in the Presence of Managerial Lobbying," Management Science, INFORMS, vol. 68(9), pages 6797-6818, September.
    10. Nicolai J. Foss, 1997. "Incomplete Contracts and Economic Organization Brian Loasby and the Theory of the Firm," DRUID Working Papers 97-11, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    11. Nicolai J. Foss & Peter G. Klein, 2005. "The Theory of the Firm and Its Critics A Stocktaking and Assessment," DRUID Working Papers 05-03, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    12. Amanda Haarman & Marcus M. Larsen & Rebecca Namatovu, 2022. "Understanding the Firm in the Informal Economy: A Research Agenda," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 34(6), pages 3005-3025, December.
    13. Nicolai J. Foss, 2014. "Toward an Organizational Economics of Heterogeneous Capabilities," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 21(1), pages 15-19, February.
    14. Thierry BURGER-HELMCHEN, 2008. "Création de la firme et genèse de l’organisation, une approche évolutionniste du processus entrepreneurial," Working Papers of BETA 2008-23, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    15. Pei, Di, 2010. "Incomplete Contracts: Foundations and Applications," MPRA Paper 23650, University Library of Munich, Germany, revised 10 Jun 2010.
    16. Ash Amin & Patrick Cohendet, 2000. "Organisational Learning and Governance Through Embedded Practices," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 4(1), pages 93-116, March.
    17. Christoff Loch, 1995. "Collaboration, Motivation, and the Size of Organizations," Working Papers _005, Xerox Research Park.

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