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Download Entrepreneurial Theory of the Firm (Foundations of the by F. Sautet PDF

By F. Sautet

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In most cases, a specialized governance structure will be designed to attenuate opportunism and avoid the effects of the fundamental transformation 44 . It seems, in the fundamental transformation case, that Williamson not only makes use of the equilibrium concept as a description of the world and as a benchmark, but also as a foil. He shows that if the world is in equilibrium at the outset (equilibrium as a benchmark), changes can sometimes occur that lead to small-number situations and which explain the existence of specialized governance structures (equilibrium as a foil).

In a 1964 comment, Coase makes it clear that economics should not use equilibrium as a description of reality (or as an indictment), but as a method to judge alternative arrangements. Contemplation of an optimal system may provide techniques of analysis that would otherwise have been missed and, in certain special cases, it may go far to providing a solution. But in general its influence has been pernicious. It has directed economists’ attention away from the main question, which is how alternative arrangements will actually work in practice.

It has led economists to derive conclusions for economic policy from a study of an abstract of a market situation. ” Until we realize that we are choosing between social arrangements which are all more or less failures, we are not likely to make much headway. Coase (1964:195, emphasis added) Coase does not use the equilibrium concept as an instrument, a description of reality or as an indictment. He seems to be consistent in his use of the equilibrium concept and what he wants to show. Thus, the first criterion of the MTP does not apply to his work.

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