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Firms exist as an alternative system to the market-price mechanism when it is more efficient to produce in a non-market environment. For example, in a labor market , it might be very difficult or costly for firms or organizations to engage in production when they have to hire and fire their workers depending on demand/supply conditions.
The article argues that firms emerge because they are better equipped to deal with the transaction costs inherent in production and exchange than individuals are. [ 2 ] [ 3 ] Economists such as Oliver Williamson , [ 4 ] Douglass North , [ 5 ] Oliver Hart , Bengt Holmström , Arman Alchian and Harold Demsetz expanded on Coase's work on firms ...
"Why do Firms Exist?", Schumpeter, The Economist, 2010. Russ Roberts's "Coase on Externalities, the Firm, and the State of Economics" from the Library of Economics and Liberty; No Cheap Victories – Last Interview and Tribute; Ronald Coase and the Misuse of Economics by John Cassidy, The New Yorker, 2013; Ronald Coase publications indexed by ...
Corporate personhood or juridical personality is the legal notion that a juridical person such as a corporation, separately from its associated human beings (like owners, managers, or employees), has at least some of the legal rights and responsibilities enjoyed by natural persons.
Private companies do not have publicly traded shares, and often contain restrictions on transfers of shares. In some jurisdictions, private companies have maximum numbers of shareholders. A parent company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of ...
In economics, a government-granted monopoly (also called a "de jure monopoly" or "regulated monopoly") is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement.
Companies count on this happening, and they design their sign-up process to ensure you fall into the trap. ... These exist solely to increase the company’s profit margin and often have no real ...
If the firms are colluding in the oligopoly, they can set the price at a high profit-maximising level. Perfect and imperfect knowledge: Oligopolies have perfect knowledge of their own cost and demand functions, but their inter-firm information may be incomplete. If firms in an oligopoly collude, information between firms then may become perfect.