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The Origin of the Capitalist Firm - An Entrepreneurial/Contractual Theory of the Firm (Hardcover, 1st ed. 2018)
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The Origin of the Capitalist Firm - An Entrepreneurial/Contractual Theory of the Firm (Hardcover, 1st ed. 2018)
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The book addresses the entrepreneurial origin of the capitalist
firm and its asymmetric contractual relationships between
capitalists, workers, managers and entrepreneurs, and explains the
origin of the firm by focusing on entrepreneurship. A hidden action
model shows how assigning residual claim to entrepreneurs can
provide a better overall incentive; a hidden information model
demonstrates that capitalists are given priority and have authority
to select the management, because capital can signal
entrepreneurial ability; and a general equilibrium entrepreneurial
model shows that the equilibrium relationships between different
members of the firm depend on the joint distribution of ability,
wealth and risk attitudes in the population. Overall, the book
reveals that the capitalist firm is more efficient, not only
because it provides better incentives but also because it ensures
that the most entrepreneurial people control the firm.
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