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2008•Journal of Guizhou College of Finance and EconomicsRequires access

"Transaction" or "Production": A Literature Review of Theories of the Boundaries of the Firm

Cui Bing

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Abstract

The boundaries of the firm are closely related to its nature.This paper reviews the current theories based on the dual nature of the firm: production and transaction.It covers such mainstream theories focusing on the nature as transaction cost economics and contractual economics,and capabilities approach and evolutionary approach,which deals with the production nature.The paper also proposes a theoretical path to extend the transaction cost approach.

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The boundaries of the firm are closely related to its nature.This paper reviews the current theories based on the dual nature of the firm: production and transaction.It covers such mainstream theories focusing on the nature as transaction cost economics and contractual economics,and capabilities approach and evolutionary approach,which deals with the production nature.The paper also proposes a theoretical path to extend the transaction cost approach.

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Available abstract

The boundaries of the firm are closely related to its nature.This paper reviews the current theories based on the dual nature of the firm: production and transaction.It covers such mainstream theories focusing on the nature as transaction cost economics and contractual economics,and capabilities approach and evolutionary approach,which deals with the production nature.The paper also proposes a theoretical path to extend the transaction cost approach.

Key concepts: Transaction cost, Production (economics), Dual (grammatical number), Mainstream, Industrial organization, Database transaction, Economics, Neoclassical economics

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