Economic Organization, Capabilities and

This collection honors G.B. Richardson, often thought of as the 'founding father' of the theory of the firm and market. It traces the development of his ideas and how they relate to current debates.

List of illustrations

ix

(1)

Notes on contributors

x

1 Introduction: co-ordination and capabilities

1

(13)

NICOLAI J. FOSS

BRIAN J. LOASBY

2 George Richardson's career and the literature of economics

14

(30)

PETER E. EARL

Introduction

14

(1)

Richardson's path to economics

15

(3)

The research co-ordination problem

18

(2)

The limited impact of Richardson's work

20

(4)

Was Debreu the cause of Information and Investment's failure to take off in the 1960s?

24

(6)

Networks, institutions and academic search processes

30

(4)

Conclusion

34

(10)

3 Some principles of economic organisation

44

(19)

GEORGE B. RICHARDSON

The need for co-ordination

44

(1)

The invisible hand

45

(1)

A cardinal principle of economic organisation

46

(1)

The need for co-operation

47

(1)

The need for direction

48

(2)

Direction: its scope and limits

50

(1)

The firm as a microeconomy

51

(1)

Pricing within a firm

52

(2)

Communications, scale and structure

54

(1)

A summary of the argument so far

55

(2)

The costs of consolidation

57

(1)

Other functions of the firm

58

(5)

4 Co-operation and competition paradoxes in the theory of the organisation of industry

63

(20)

JACQUES-LAURENT RAVIX

Introduction

63

(1)

Information, knowledge and industrial co-ordination

64

(6)

The nature of the firm and the paradox of co-operation

70

(5)

The nature of industry and the paradox of competition

75

(4)

Conclusion

79

(4)

5 Marshall, Andrews and Richardson on markets: an interpretation

83

(21)

RICHARD ARENA

CLAIRE CHARBIT

Introduction

83

(1)

General Economic Equilibrium: agents and markets

84

(2)

Agents and markets in a Marshallian perspective

86

(6)

Individual agents in Andrews and Richardson

92

(5)

Global markets in Andrews and Richardson

97

(4)

Conclusion

101

(3)

6 Information and investment in a wider context

104

(17)

DENIS O'BRIEN

Introduction

104

(2)

Richardson's criticism of general equilibrium

106

(1)

The origins of the problem of knowledge

107

(2)

Attempts to mend the model: the Marshallian elements

109

(4)

The defence of cartelisation

113

(2)

The planned economy

115

(1)

Considerations from the wider literature

116

(1)

Conclusion

117

(4)

7 Information and co-ordination in an effective competitive process: Downie's evolutionary model as a means of resolving Richardson's problem with competition in the context of post-Marshallian economics

121

(17)

JOHN NIGHTINGALE

Introduction

121

(1)

Downie's population ecology of the industry

122

(5)

Richardson's competitive process

127

(5)

An alternative welfare economics

132

(2)

Conclusion

134

(4)

8 Austrian and post-Marshallian economics: the bridging work of George Richardson

138

(25)

NICOLAI J. FOSS

Introduction

138

(2)

Marshall, the post-Marshallians and Austrian economics

140

(4)

George Richardson: Marshallian answers to Austrian problems

144

(8)

Austrian and post-Marshallian economics: the theory of the firm

152

(4)

Conclusion

156

(7)

9 The concept of capabilities

163

(20)

BRIAN J. LOASBY

Introduction

163

(1)

The division of labour and the organisation of knowledge

164

(3)

Direct `knowledge how'

167

(3)

Indirect `knowledge how'

170

(1)

Competitive advantage

171

(7)

Capabilities in decision-making

178

(1)

The evolution of capabilities

179

(4)

10 Capabilities and the theory of the firm

183

(21)

RICHARD N. LANGLOIS

Introduction

183

(1)

Production costs I: Pigovian price theory

184

(1)

Transaction costs

185

(3)

Modern transaction-cost theory

188

(5)

Production costs redux: capabilities

193

(11)

11 Information costs and the organisational structure of the multinational enterprise

204

(18)

MARK CASSON

Introduction

204

(2)

General principles

206

(3)

Meta-rationality: minimising the risk of mistakes

209

(2)

Decisiveness, consultation and the internal balance of power

211

(2)

The quality of information

213

(3)

Applications to the multinational enterprise

216

(6)

12 Clusters of collaboration: the firm, join ventures, alliances and clubs

222

(21)

NEIL M. KAY

Introduction

222

(1)

The evolution of collaborative activity

223

(3)

The evolution of collaboration in the diversified firm

226

(4)

The evolution of strategic business alliances

230

(10)

Conclusions

240

(3)

13 Limits to a firm's rate of growth: the Richardsonian view and its contemporary empirical significance

243

(18)

GAVIN C. REID

Introduction

243

(1)

Richardson's view on restraints to growth

244

(2)

Contemporary evidence on limits to a firm's growth

246

(6)

Limits to small-firm growth: the trade-off relationship

252

(4)

Conclusion

256

(5)

14 Information, similar and complementary assets, and innovation policy

261

(28)

PAUL L. ROBERTSON

Introduction

261

(1)

Information and innovation

262

(13)

Information, similarity and complementarity

275

(3)

Innovation and industry maturity

278

(4)

Conclusion

282

(7)

Index

289

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Economic Organization, Capabilities and Coordination

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Economic Organization, Capabilities and Coordination

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