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Chapter 2: Literature review 28 _______________________________________________________________________________________________________________________________________________ 2.2.3 Classical view of markets and hierarchies The business ecosystem organizational form of Moore (2006) was both a departure from and an extension of the orthodox distinction between markets and hierarchies. Coase (1937) had considered the conditions under which an entrepreneur would rather hire an employee than contract out in the marketplace for a service to be performed. According to Coase, a firm is “the system of specialized relationships which comes into existence when the direction of resources is dependent on an entrepreneur [rather than the price mechanism]” (p. 393). Firms exist because market transactions have costs: “A firm will tend to expand until the costs of organizing an extra transaction within the firm become equal to the costs of carrying out the same transaction by means of an exchange on the open market or costs of organizing in another firm” (p. 395). Oliver Williamson integrated the notion of transaction costs into organization theory – a perspective now called transaction cost economics (TCE). Williamson (1981) examined which activities should be performed within the firm and why, and the manner in which human assets are organized. Williamson (1985) further developed the TCE perspective: “The economic institutions of capitalism have the main purpose and effect of economizing on transaction costs” (p. 17). According to Scott & Davis (2007), “Transaction cost analysis has been the most influential import of economic thinking into organization theory, and the influence has been mutual.” Moore (2006) argued that business ecosystems operate under a different logic with emphasis on the positive and differentiating outcomes of innovation rather than a narrow and exclusive focus on the lowest cost of transactions. _______________________________________________________________________________________________________________________________________________ Copyright © 2018 Ewan ReidPDF Image | Carbon Removal
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