Transaction Cost Economics

• Introduction: Why do firms exist? Please close your eyes and give this question a couple of minutes of thought! Of course, there are many potential answers to such a question, and in the history of human thought, there have been multiple answers to similar but different ontological questions. Two potential answers could be 1) that there is a divine force that guarantees its existence and rationale (Descartes, 1670/1901) or 2) that firms are merely a consequence of historical events leading to the emergence of complexity (Darwin, 1859/2004) and that there is no teleology at all in relation to the concept of the firm. It just exists because it has evolved. Perhaps, these are not the most apparent sources of inspiration that students of business administration would, or should, use to try to answer such a question. If you had been a student of business administration or economics before 1937, however, these would have been sources of inspiration that you would have had to turn to. Because at that time, no real account of this question was available in economic theories.

Ämnesord

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv -- Företagsekonomi (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business -- Business Administration (hsv//eng)

Nyckelord

Business Studies

Företagsekonomi

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