Reassessing the fundamentals and beyond: ronald coase, the transaction cost and resource-Based theories of the firm and the institutional structure of production

摘要

In this paper, three points are argued. The first is that Ronald Coase, best known as the forefather of transaction cost theory, foresaw many of the critical questions that proponents of the resource- based view are concerned with today. The second is that resource-based theory plays a potentially much more critical role in economic theory and in explaining the institutional structure of production than even many resource-based scholars recognize. The last point is that a more complete understanding of the organization of economic activity requires a greater sensitivity to the interdependence of production and exchange relations.