Development of theories of the firm - modern trends

Abstract

Deficiencies of the neoclassical interpretation of the firm and dissatisfaction with economists neo classical approach to understanding the nature of the firm in the market environment led to the appearance and development of the institutional firm concepts associated with such names as Coase, Williamson, Simons, Craps, Alchian, Demsetz, Hart, Holmstrom, Jensen, Milgrom, Meckling, Baker, Gibbons, Murphy and others.The Ronald Coase article named «The nature of the firm» and published in 1937, is constantly in the spotlight a growing number of economists who study the essence of the company in various aspects. It became the basis for the emergence in the 80s transactional theory and the theory of incomplete contracts, long enough to study identifies the key trends of the firm. That in turn led to an increase in the number of theoretical approaches that can be considered as a complement or replacement depending on which question they try to answer.In this article, in view of the existence of a fairly extensive number of works that were under the influence of the two main approaches to the theory of the firm, as well as the widespread discussion it seems reasonable to focus on the emergence of a completely new concept of the firm over the past twenty years.