A new institutional approach to organization
C Ménard - Handbook of new institutional economics, 2005 - Springer
Handbook of new institutional economics, 2005•Springer
Modern economic theory has long neglected, even ignored, the analysis of the different
modes of organization that characterize a market economy. Notwithstanding the efforts of
Alfred Marshall, one of its founding fathers, in identifying the properties of “business
organizations”(1920, Book IV, chap. 10 sq.), standard microeconomics relied for decades on
the concept of firms as production functions, an umbrella to the technologically determined
combination of inputs.
modes of organization that characterize a market economy. Notwithstanding the efforts of
Alfred Marshall, one of its founding fathers, in identifying the properties of “business
organizations”(1920, Book IV, chap. 10 sq.), standard microeconomics relied for decades on
the concept of firms as production functions, an umbrella to the technologically determined
combination of inputs.
Modern economic theory has long neglected, even ignored, the analysis of the different modes of organization that characterize a market economy. Notwithstanding the efforts of Alfred Marshall, one of its founding fathers, in identifying the properties of “business organizations” (1920, Book IV, chap. 10 sq.), standard microeconomics relied for decades on the concept of firms as production functions, an umbrella to the technologically determined combination of inputs.
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