Nature of the firm
January 4, 2016 Leave a comment
A fundamental change over the 20th century, paraphrased from a Paul Graham article:
In the early 20th century, big companies were synonymous with efficiency, as compared to delivering a product using a network of cooperating companies.
Today computers enable far easier coordination, reducing the transaction costs that Coase argued are the raison d’etre of corporations.
Marc Gawley 