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Pattern in Corporate Evolution$
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Neil M. Kay

Print publication date: 2000

Print ISBN-13: 9780199242115

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199242115.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 09 May 2021

. The Agenda

. The Agenda

(p.9) 2. The Agenda
Pattern in Corporate Evolution


Oxford University Press

This chapter focuses on neoclassical theory, the mainstream economics approach that has proved a robust and enduring foundation for analysis of prices and markets. It argues that alternative theories of the firm have typically been characterized by a hub-and-spoke relationship to the traditional or neoclassical theory of the firm. The agenda of neoclassical theory is concerned with questions relating to optimal product-market price. Spoke theories tend to deal with selected modifications to the neoclassical agenda, and this can lead to other elements of the neoclassical agenda appearing as default features on spokes. The chapter also reviews some of the important contributions of the four spoke theories (bounded rationality, resources, hierarchy, and technological change) and their possible relevance to the analysis of the boundaries of the firm.

Keywords:   neoclassical theory, hub and spoke, firm, product-market price, neoclassical agenda, spokes, bounded rationality, resources, hierarchy, technological change

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