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Out of Equilibrium$
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Mario Amendola and Jean-Luc Gaffard

Print publication date: 1998

Print ISBN-13: 9780198293804

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198293801.001.0001

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The Market and the Firm

The Market and the Firm

(p.81) 4 The Market and the Firm
Out of Equilibrium

Mario Amendola (Contributor Webpage)

Jean‐Luc Gaffard

Oxford University Press

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

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