Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/31850
Authors: 
Year of Publication: 
2005
Series/Report no.: 
Papers on Economics and Evolution No. 0510
Publisher: 
Max Planck Institute of Economics, Jena
Abstract: 
In the debate on why firms exist, the question of who chooses between firms and markets and on what basis is rarely addressed. This paper argues that the choice is a core element of the entrepreneurial pursuit of visions or conceptions of business opportunities. To successfully organize resources into the envisioned businesses - be it via firms or markets - resource owners must be coordinated on the entrepreneur's conception of the business and be motivated to perform properly. To solve the dual problem, the organizational form of the firm offers the entrepreneur unique advantages not feasible under the organizational form of markets.
Document Type: 
Working Paper

Files in This Item:
File
Size
158.38 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.