Markets as institutions versus organizations as markets? Disentangling some fundamental concepts

Article Abstract:

The three concepts of organizations, markets and institutions are analyzed together with their structural properties to gain a better understanding of how free market economies work. A mathematical model is employed to compare the structures of these concepts and analyze how they are related to each other. Results indicate that it is important to maintain distinct concepts to accurately determine how economies emerge and stabilize.

Free enterprise

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Markets and firms: transaction costs versus strategic innovation

Article Abstract:

There are several factors that influence the capability and willingness of a firm to acquire and process information. These include the nature of the firm's strategic markets, the cost involved in its transactions, the level of competition offered by rivals and the coordination and cooperation among the firm's key officials. All of these factors determine the policy of a firm with regard to information acquisition and use.

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Dynamic coordination failures and the efficiency of the firm

Article Abstract:

The relationship between coordination devices such as work norms and the capacity of a firm to create and support inefficient organizational practices is investigated by means of a mathematical mode. The model is employed in obtaining parameters values for a firm that possesses a dynamic environment. Results show that product market competition is likely to aggravate the inefficiency of firms.

Organizational effectiveness

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