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Sequence of Topics.

The structure of production.

 Transaction-cost economics: overview. .

 The Coasean approach.

 Moral hazard, monitoring, and measurement costs.

Asset specificity.

Property rights theory (old and new).

Summary (so far) and prospect.

Ownership.

  Dispersed knowledge and monitoring.

 Production costs redux: Economic capabilities.

  • Harold Demsetz, The Economics of the Business Firm. New York: Cambridge University Press, 1995, chapters 1 and 2.
  • Sidney G. Winter, "On Coase, Competence, and the Corporation," Journal of Law, Economics, and Organization 4(1): 163-180 (Spring 1988), reprinted in Oliver E. Williamson and Sidney G. Winter, eds., The Nature of the Firm. New York: Oxford University Press, 1991.
  • Richard N. Langlois and Nicolai J. Foss, "Capabilities and Governance: the Rebirth of Production in the Theory of Economic Organization," Kyklos 52(2): 201-218 (1999).
  • David J. Teece, Gary Pisano, and Amy Shuen, "Dynamic Capabilities and Strategic Management," Strategic Management Journal 18(7): 509-533 (August 1997).
  • Richard R. Nelson and Sidney G. Winter, An Evolutionary Theory of Economic Change. Cambridge: the Belknap Press, 1982, chapters 4 and 5.
  • Edith Penrose, The Theory of the Growth of the Firm. Oxford: Basil Blackwell, 1959. (Oxford edition, 1995.)
  • G. B. Richardson, "The Organisation of Industry," Economic Journal 82(327): 883-896 (1972).
  • David J. Teece, "Economies of Scope and the Scope of the Enterprise," Journal of Economic Behavior and Organization 1(3): 223 (1980).
  • David J. Teece, "Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing, and Public Policy," Research Policy 15: 285-305 (December 1986).
  • C. K. Prahalad and Gary Hamel, "The Core Competence of the Corporation," Harvard Business Review, May-June 1990, pp. 7991

Organization and economic change.

 Modular systems and standards.

The old economy and the new economy.

Business Groups.

 

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