Edith Penrose
Abstract
Abstract This chapter discusses the nature of the ‘firm’ in the ‘theory of the firm’, to indicate why it provides an unsuitable framework for a theory of the growth of firms. It explores the firm as an administrative organisation, the firm as a collection of productive resources, and the motivations of the firm. The ‘firm’ in the theory of price and production is also considered.
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Abstract This chapter discusses the nature of the ‘firm’ in the ‘theory of the firm’, to indicate why it provides an unsuitable framework for a theory of the growth of firms. It explores the firm as an administrative organisation, the firm as a collection of productive resources, and the motivations of the firm. The ‘firm’ in the theory of price and production is also considered.
Key concepts: Theory of the firm, Firm offer, Industrial organization, Business, Production theory, Capital call, Production (economics), Growth theory