{"title":"Firm theories in neoclassical institutional economics","authors":"Shaoan Huang","doi":"10.1002/mde.4366","DOIUrl":null,"url":null,"abstract":"<p>This paper defines the “new” institutional economics pioneered by Coase's contributionas “neoclassical” institutional economics. It develops the firm theory on the basis of criticizing neoclassical economics for treating firms as black boxes. Coase's contribution is ground-breaking: He created the transaction cost theory, reinterpreted the origin and essence of firms and the changes in firm size, and analyzed the internal power structure of firms from a contractual perspective. The follow-up economists build incomplete contract theory, principal–agent theory, team production theory, corporate governance theory, mechanism design theory, and comparative institutional advantage theory to further develop the firm theory. Finally, according to the characteristics of China's economy, this paper provides the future direction of the firm theory.</p>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"46 1","pages":"163-165"},"PeriodicalIF":2.5000,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/mde.4366","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Managerial and Decision Economics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/mde.4366","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
This paper defines the “new” institutional economics pioneered by Coase's contributionas “neoclassical” institutional economics. It develops the firm theory on the basis of criticizing neoclassical economics for treating firms as black boxes. Coase's contribution is ground-breaking: He created the transaction cost theory, reinterpreted the origin and essence of firms and the changes in firm size, and analyzed the internal power structure of firms from a contractual perspective. The follow-up economists build incomplete contract theory, principal–agent theory, team production theory, corporate governance theory, mechanism design theory, and comparative institutional advantage theory to further develop the firm theory. Finally, according to the characteristics of China's economy, this paper provides the future direction of the firm theory.
期刊介绍：
Managerial and Decision Economics will publish articles applying economic reasoning to managerial decision-making and management strategy.Management strategy concerns practical decisions that managers face about how to compete, how to succeed, and how to organize to achieve their goals. Economic thinking and analysis provides a critical foundation for strategic decision-making across a variety of dimensions. For example, economic insights may help in determining which activities to outsource and which to perfom internally. They can help unravel questions regarding what drives performance differences among firms and what allows these differences to persist. They can contribute to an appreciation of how industries, organizations, and capabilities evolve.
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