The Market and the Firm
The Market and the Firm
Complementarity problems, coordination issues, and organizational aspects, essentially characterize the processes of change. It is therefore paramount to understand—how they arise and how they interact sequentially out of equilibrium—to sketch out the guiding lines of a strategy designed to secure the viability of the economy. The interaction of the different firms involved in the process of change contributes heavily to determine the path actually followed by the economy. The market is called to secure the right kind of interaction, the coordination required for viability. A sequential strategy, by establishing new and changing relations with the environment in order to deal with the constraints arising along the way, appears as the best tool for acquiring information and knowledge, and thus to assure the required coordination.
Keywords: Bounded behaviours, Organizational design, sequential strategy, Transaction costs
Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
Please, subscribe or login to access full text content.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .
