Professor Jackson has chosen works which have shaped the views of how the economics of organisation and bureaucracy are viewed today and has included papers from conflicting ends of the spectrum to illustrate the fluid and evolving nature of the subject. This differs from traditional transaction cost literature which views the firm as a governance structure. Journal of Economic Behavior Organization 58 2 , , The Economics of Organisation and Bureaucracy. R Gibbons. The received theory of the firm assumes that a firm is an efficient collection of resources or assets , but remains silent on how these are brought together in the first place.
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In this essay, I define and compare elemental versions of four theories of the firm. These elemental theories are distilled from important contributions by Hart, Holmstrom, Klein, Williamson, and others. Although these contributions have been widely cited and much discussed, I have found it difficult to understand the commonalities, distinctions, and potential combinations of these seemingly familiar contributions.
In this essay, therefore, I attempt to clarify these issues, in three steps: I begin with informal summaries of the theories, then turn to simple but formal statements of each elemental theory, and finally nest the four elemental theories in an integrative framework.
Keywords: theory of the firm, vertical integration, transaction costs, rent seeking, property rights. Copy and paste this code into your Wikipedia page.
Need help? Parents, teachers, and students: Visit our new K Student Library. Last edited by ImportBot. April 29, History. Add another edition? Four formal izable theories of the firm? Robert Gibbons. Read Listen. Want to Read. Written in English Subjects Accessible book. Edition Notes "September 16, Other Titles 4 formal izable theories of the firm? The Physical Object Pagination 63 p.
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Four Formal(izable) Theories Of The Firm? - Robert Gibbons
Klein Leave a comment. Lest readers think I oppose formalization per se , let me take a moment to strongly recommend this paper, which provides an excellent summary and synthesis of several critical issues in the economic theory of the firm. This review is also pretty good. Gibbons distinguishes among four theories of the firm: rent seeking, property rights, incentive systems, and adaptation. As Gibbons notes:. While Williamson tends to emphasize authority as a means of mitigating rent-seeking over appropriable quasi-rents, Gibbons argues that authority can provide a rationale for integration even the absence of relationship-specific investments. Shockingly, Gibbons does not cite us in his survey — what are they reading over at MIT these days?
Four formal(izable) theories of the firm?