摘要:

ABSTRACTUnder plausible conditions, in a market economy with both democratic and capitalist firms, credit market imperfections imply that the fraction of workers in democratic firms is an increasing function of the share of worker wealth. Our analysis addresses two agency problems that all firms must solve: eliciting effort from a team of workers and choosing the appropriate level of risk, in a situation where neither effort nor risk is contractually specified. The democratic firm enjoys a relative advantage in dealing with the agency problems surrounding labor, while the capitalist firm has a relative advantage in dealing with agency problems involving risk‐bearin

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1994.tb00020.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

ABSTRACTThe purpose of this paper is to offer a complex view of organizations as coordinating devices. In Section I, I briefly discuss the contractual interpretation, and I point out the inadequacy of contracts alone to coordinate organizational activities. In Section II, I explore the nature and characteristics of coordination through command, and I suggest making a distinction between authority and hierarchy. In Section III, I compare these two forms of coordination and show how they both operate. I conclude that it is the capacity of organizations to combine contract and command that determines their efficiency.

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1994.tb00021.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

ABSTRACTThe co‐ordination problem is a consequence of the division of labour and the division of knowledge; what is to be co‐ordinated is the generation and testing of novel conjectures. The firm provides one means of doing this, and of developing a set of capabilities which can be deployed to cope with structural uncertainty. Any firm's capabilities are inevitably limited, and must be supplemented; this requires the development of market relationships, and, where success depends on closely‐complementary activities founded on a different knowledge base, the organisation of interfirm co‐operation. The additional value thus created may justify additional transactio

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1994.tb00022.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

ABSTRACTThis paper investigates a positive self‐reference of the rate of inflation onto itself as can exist in a standard medium run IS‐LM model with an appropriately formulated dynamic wage‐price sector. This self‐reference represents a three‐dimensional analogy to the one‐dimensional positive feedback mechanism of the Harrodian analysis of unstable steady growth. It is shown in particular that this self‐reference can overthrow the local asymptotic stability of such an IS‐LM model in a cyclical fashion by means of a so‐called Hopf bifurcation if the adjustment speed of the price level becomes s

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1994.tb00023.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY