The Organization of Production and Economic Development
نویسنده
چکیده
A formalization of the Coase-Williamson-Cheung theory of the firm is used to examine the trade-off between the firm and the market as institutions for organizing production in a dynamic, general equilibrium model with increasing returns to labor specialization. The model considers the interaction of internal and external transaction costs and the gains to labor specialization in determining important aspects of the organization of production including the degree of labor specialization, the size and specialization of firms and the pattern of interfirm trade. Endogenous growth is driven by capital accumulation and the evolution of the division of labor. The evolution of the organization of production in a growing economy is characterized by increases in the division of labor among individuals and firms, increases in firm and market size and increases in the complexity of the pattern of interfirm trade.
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