Visible Hands: Governance of Value Creation—Within Firms and Beyond
Economic transactions can be divided into (1) those that are priced versus (2) those that are governed by visible hands, and within the latter (2a) those within a single organization versus (2b) those in nonintegrated settings. Nonintegration is not always “the market” [i.e., (1)]. The conventional...
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| Format: | Article |
| Language: | English |
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American Economic Association
2021
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| Online Access: | https://hdl.handle.net/1721.1/130275 |
| _version_ | 1826213921503051776 |
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| author | Gibbons, Robert S. |
| author2 | Sloan School of Management |
| author_facet | Sloan School of Management Gibbons, Robert S. |
| author_sort | Gibbons, Robert S. |
| collection | MIT |
| description | Economic transactions can be divided into (1) those that are priced versus (2) those that are governed by visible hands, and within the latter (2a) those within a single organization versus (2b) those in nonintegrated settings. Nonintegration is not always “the market” [i.e., (1)]. The conventional distinction between markets versus firms, (1) versus (2a), is misleading. The fundamental distinction is between transactions that are priced versus those that are governed, (1) versus (2). Unifying (2a) with (2b) highlights their commonalities and suggests directions for future research, especially the problem of building (not selecting) an equilibrium. |
| first_indexed | 2024-09-23T15:56:57Z |
| format | Article |
| id | mit-1721.1/130275 |
| institution | Massachusetts Institute of Technology |
| language | English |
| last_indexed | 2024-09-23T15:56:57Z |
| publishDate | 2021 |
| publisher | American Economic Association |
| record_format | dspace |
| spelling | mit-1721.1/1302752022-09-29T17:14:45Z Visible Hands: Governance of Value Creation—Within Firms and Beyond Gibbons, Robert S. Sloan School of Management Economic transactions can be divided into (1) those that are priced versus (2) those that are governed by visible hands, and within the latter (2a) those within a single organization versus (2b) those in nonintegrated settings. Nonintegration is not always “the market” [i.e., (1)]. The conventional distinction between markets versus firms, (1) versus (2a), is misleading. The fundamental distinction is between transactions that are priced versus those that are governed, (1) versus (2). Unifying (2a) with (2b) highlights their commonalities and suggests directions for future research, especially the problem of building (not selecting) an equilibrium. 2021-03-30T14:31:17Z 2021-03-30T14:31:17Z 2020-05 2021-03-16T14:58:38Z Article http://purl.org/eprint/type/JournalArticle 2574-0768 2574-0776 https://hdl.handle.net/1721.1/130275 Gibbons, Robert. "Visible Hands: Governance of Value Creation—Within Firms and Beyond." American Economic Association Papers and Proceedings 110 (May 2020): 172-176. en http://dx.doi.org/10.1257/pandp.20201066 American Economic Association Papers and Proceedings Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. application/pdf American Economic Association American Economic Association |
| spellingShingle | Gibbons, Robert S. Visible Hands: Governance of Value Creation—Within Firms and Beyond |
| title | Visible Hands: Governance of Value Creation—Within Firms and Beyond |
| title_full | Visible Hands: Governance of Value Creation—Within Firms and Beyond |
| title_fullStr | Visible Hands: Governance of Value Creation—Within Firms and Beyond |
| title_full_unstemmed | Visible Hands: Governance of Value Creation—Within Firms and Beyond |
| title_short | Visible Hands: Governance of Value Creation—Within Firms and Beyond |
| title_sort | visible hands governance of value creation within firms and beyond |
| url | https://hdl.handle.net/1721.1/130275 |
| work_keys_str_mv | AT gibbonsroberts visiblehandsgovernanceofvaluecreationwithinfirmsandbeyond |