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Coevolution of Markets and Organizations

In: Transaction Cost Management

Author

Listed:
  • Chihiro Suematsu

    (Kyoto University)

Abstract

In this book, the commonalities of organizations and the market,1 in both of which the transaction is executed in compliance with the transaction interface, have been emphasized. In economics, Ronald Coase clarified in Chap. 1 of his epoch-making book The Firm, the Market, and the Law2 that “markets are institutions that exist to facilitate exchange—that is, they exist in order to reduce the cost of carrying out exchange transactions.” This could be paraphrased, using the terminologies of this book, as “the market is a collection of interfaces to reduce transaction costs.” That is, both the organization and the market are collections of interfaces with an identical purpose.

Suggested Citation

  • Chihiro Suematsu, 2014. "Coevolution of Markets and Organizations," Management for Professionals, in: Transaction Cost Management, edition 127, chapter 5, pages 127-142, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-319-06889-3_5
    DOI: 10.1007/978-3-319-06889-3_5
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