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The Theory of the Market Economy

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  • George B.Richardson

Abstract

[eng] The coordination of economic activities within a free enterprise economy takes place in three ways ; through market transactions, through cooperation between firms linked in networks of association and affiliation, and within firms through direction. Firms will be able to make informed investment decisions only if markets are in some degree imper­fect. Coordination within firms, which may be regarded as contrived microsystems, depends also on internal cooperation and pricing arrangements. [fre] La coordination des activités économiques dans une économie de libre entre­prise prend place de trois façons : à travers les transactions de marché, à travers la coopération entre firmes liées dans des réseaux d'association et d'affiliation, et à l'intérieur des firmes à travers la direction. Les firmes seront en mesure de pren­dre des décisions informées d'investissement seulement si les marchés sont, à un certain degré, imparfaits. La coordination à l'intérieur des firmes, qui peuvent être regardées comme des microsystèmes artificiels, dépend aussi de la coopération interne et des arrangements de prix.

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  • George B.Richardson, 1995. "The Theory of the Market Economy," Revue Économique, Programme National Persée, vol. 46(6), pages 1487-1496.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_6_409747
    DOI: 10.3406/reco.1995.409747
    Note: DOI:10.3406/reco.1995.409747
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    Cited by:

    1. Shi, Yi & Deng, Yawen & Wang, Guoan & Xu, Jiuping, 2020. "Stackelberg equilibrium-based eco-economic approach for sustainable development of kitchen waste disposal with subsidy policy: A case study from China," Energy, Elsevier, vol. 196(C).
    2. Ingrao Bruna, 2004. "The Equilibrium Image of the Market," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 14(2), pages 1-20, December.
    3. Kapás, Judit, 2003. "Mutáns vállalatok? A belső hibridekről [Mutant firms? On internal hybrids]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 335-349.
    4. Bangens, Lennart & Araujo, Luis, 2002. "The structures and processes of learning. A case study," Journal of Business Research, Elsevier, vol. 55(7), pages 571-581, July.

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