Thenatureofthefirm英文原版完美重排版.docx
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Thenatureofthefirm英文原版完美重排版
Thenatureofthefirm
R.H.Coase
Economictheoryhassufferedinthepastfromafailuretostateclearlyitsassumptions.Economistsinbuildingupatheoryhaveoftenomittedtoexaminethefoundationonwhichitwaserected.Thisexaminationis,however,essentialnotonlytopreventthemisunderstandingandneedlesscontroversywhicharisefromalackofknowledgeoftheassumptionsonwhichatheoryisbased,butalsobecauseoftheextremeimportanceforeconomicsofgoodjudgmentinchoosingbetweenrivalsetsofassumptions.
Forinstance,itissuggestedthattheuseoftheword"firm”ineconomicsmaybedifferentfromtheuseofthetermbythe"plainman”.Sincethereisapparentlyatrendineconomictheorytowardsstartinganalysiswiththeindividualfirmandnotwiththeindustry,itisallthemorenecessarynotonlythatacleardefinitionoftheword"firm"shouldbegivenbutthatitsdifferencefromafirminthe"realworld,"ifitexist,shouldbemadeclear.Mrs.Robinsonhassaidthat"thetwoquestionstobeaskedofasetofassumptionsineconomicsare:
Aretheytractable?
And:
Dotheycorrespondwiththerealworld?
“.Though,asMrs.Robinsonpointsout,“moreoftenonesetwillbemanageableandtheotherrealistic”,yettheremaywellbebranchesoftheorywhereassumptionsmayhebothmanageableandrealistic.
Itishopedtoshowinthefollowingpaperthatadefinitionofafirmmaybeobtainedwhichisnotonlyrealisticinthatitcorrespondstowhatismeantbyafirmintherealworld,butistractablebytwoofthemostpowerfulinstrumentsofeconomicanalysisdevelopedbyMarshall,theideaofthemarginandthatofsubstitution,togethergivingtheideaofsubstitutionatthemargin.Ourdefinitionmust,ofcourse,"relatetoformalrelationswhicharecapable ofbeingconceivedexactly."
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Itisconvenientif,insearchingforadefinitionofafirm,wefirstconsidertheeconomicsystemasitisnormallytreatedbytheeconomists.LetusconsiderthedescriptionoftheeconomicsystemgivenbySirArthurSalter."Thenormaleconomicsystemworksitself.Foritscurrentoperationitisundernocentralcontrol,itneedsnocentralsurvey.Overthewholerangeofhumanactivityandhumanneed,supplyisadjustedtodemand,andproductiontoconsumption,byaprocessthatisautomatic,elasticandresponsive."Aneconomistthinksoftheeconomicsystemasbeingcoordinatedbythepricemechanismandsocietybecomesnotanorganizationbutanorganism.Theeconomicsystem"worksitself."Thisdoesnotmeanthatthereisnoplanningbyindividuals.Theseexerciseforesightandchoosebetweenalternatives.Thisisnecessarilysoifthereistobeorderinthesystem.Butthistheoryassumesthatthedirectionofresourcesisdependentdirectlyonthepricemechanism.
Indeed,itisoftenconsideredtobeanobjectiontoeconomicplanningthatitmerelytriestodowhatisalreadydonebythepricemechanism.SirArthurSalter'sdescription,however,givesaveryincompletepictureofoureconomicsystem.Withinafirm,thedescriptiondoesnotfitatall.
Forinstance,ineconomictheorywefindthattheallocationoffactorsofproductionbetweendifferentUsesisdeterminedbythepricemechanism.ThepriceoffactorAbecomeshigherinXthaninY.Asaresult,AmovesfromYtoXuntilthedifferencebetweenthepricesinXandY,exceptinsofarasitcompensatesforotherdifferentialadvantages,disappears.Yetintherealworld,wefindthattherearemanyareaswherethisdoesnotapply.IfaworkmanmovesfromdepartmentYtodepartmentX,hedoesnotgobecauseofachangeInrelativeprices,butbecauseheisorderedtodoso.Thosewhoobjecttoeconomicplanningonthegroundsthattheproblemissolvedbypricemovementscanbeansweredbypointingoutthatthereisplanningwithinoureconomicsystemwhichisquitedifferentfromtheindividualplanningmentionedaboveandwhichisakintowhatisnormallycalledeconomicplanning.
TheexamplegivenaboveistypicalofalargesphereinourmoderneconomicSystem.Ofcourse,thisfacthasnotbeenignoredbyeconomists.Marshallintroduceorganizationasafourthfactorofproduction;JB.Clarkgivetheco-ordinatingfunctiontotheentrepreneur;ProfessorKnightintroducesmanagerswhoco-ordinate.As.D.H.Robertsonpointsout,wefindislandsofconsciouspowerinthisoceanofunconsciousco-operationlikelumpsofbuttercoagulatinginapailofbuttermilk."Butinviewofthefactthatitisusuallyarguedthatco-ordinationwillbedonebythepricemechanism,whyissuchorganizationnecessary ?
Whyaretherethe"islandsofconsciouspower"?
Outsidethefirm,pricemovementsdirectproduction,whichisco-ordinatedthroughaseriesofexchangetransactionsonthemarket.Withinafirm,themarkettransactionsareeliminatedandinplaceofthecomplicatedmarketstructurewithexchangetransactionsissubstitutedtheentrepreneur-co-ordinator,whodirectsproduction.Itisclearthatthesearealternativemethodsofco-ordinationproduction.Yet,havingregardtothefactthatifproductionisregulatedbypricemovements,productioncouldbecarriedonwithoutanyorganizationatall,wellmightweask,whyisthereanyorganization?
Ofcourse,thedegreetowhichthepricemechanismissupersededvariesgreatly.Inadepartmentstore,theallocationofthedifferentsectionstothevariouslocationsinthebuildingmaybedonebythecontrollingauthorityoritmaybetheresultofcompetitivepricebiddingforspace.IntheLancashirecottonindustry,aweavercanrentpowerandshop-roomandcanobtainloomsandyarnoncredit.Thisco-ordinationofthevariousfactorsofproductionis,however,normallycarriedoutwithouttheinterventionofthepricemechanism.Asisevident,theamountof"vertical"integration,involvingasitdoesthesupersessionofthepricemechanism,variesgreatlyfromindustrytoindustryandfromfirmtofirm.
Itcan,Ithink,beassumedthatthedistinguishingmarkofthefirmisthesupersessionofthepricemechanism.Itisofcourse,asProfessorRobbinspointsout,"relatedtoanoutsidenetworkofrelativepriceandcosts,"butitisimportanttodiscovertheexactnatureofthisrelationship.ThisdistinctionbetweentheallocationofresourcesinafirmandtheallocationintheeconomicsystemhasbeenveryvividlydescribedbyMr.MauriceDobbwhendiscussingAdamSmith'sconceptionofthecapitalist:
"itbegantobeseenthattherewassomethingmoreimportantthantherelationsinsideeachfactoryorunitcaptainedbyanundertaker;thereweretherelationsoftheundertakerwiththerestoftheeconomicworldoutsidehisimmediatesphere....Theundertakerbusieshimselfwiththedivisionoflaborinsideeachfirmandheplansandorganizesconsciously,"but"heisrelatedtothemuchlargereconomicspecialization,ofwhichhehimselfismerelyonespecializedunit.Here,heplayshispartasasinglecellinalargerorganism,mainlyunconsciousofthewiderrolehefills.
Inviewofthefactthatwhileeconomiststreatthepricemechanismasaco-ordinatinginstrument,theyalsoadmittheco-coordinatingfunctionofthe"entrepreneur,"itissurelyimportanttoenquirewhyco-ordinationistheworkofthepricemechanisminonecaseandoftheentrepreneurinanother.Thepurposeofthispaperistobridgewhatappearstobeagapineconomictheorybetweentheassumption(madeforsomepurposes)thatresourcesareallocatedbymeansofthepricemechanismandtheassumption(madeforotherpurposes)thatthisallocationisdependentontheentrepreneur-co-ordinator.Wehavetoexplainthebasisonwhichinpractice,thischoicebetweenalternativesis effected.
Ⅱ
Ourtaskistoattempttodiscoverwhyafirmemergesatallinaspecializedexchangeeconomy.Thepricemechanism(consideredpurelyfromthesideofthedirectionofresource)mightbesupersedediftherelationshipwhichreplaceditwasdesiredforitsownsake.Thiswouldbethecase,forexample,ifsomepeoplepreferredtoworkunderthedirectionofsomeotherperson.Suchindividualswouldacceptlessinordertoworkundersomeone,andfirmswouldarisenaturallyfromthis.Butitwouldappearthatthiscannotbeaveryimportantreason,foritwouldratherseemthattheoppositetendencyisoperatingifonejudgesfromthestressnormallylaidontheadvantageof"beingone'sownmaster."Ofcourse,ifthedesirewasnottobecontrolledbuttocontrol,toexercisepoweroverothers,thenpeoplemightbewillingtogiveupsomethinginordertodirectothers;thatis,theywouldbewillingtopayothersmorethantheycouldgetunderthepricemechanisminordertobeabletodirectthem.Butthisimpliesthatthosewhodirectpayinordertobeabletodothisandarenotpaidtodirect,whichisclearlynottrueinthemajorityofcases.Firmsmightalsoexistifpurchasers"preferredcommoditieswhichareproducedbyfirmstothosenotsoproduced;buteveninsphereswhereonewouldexpectsuchpreferences(iftheyexist)tobeofnegligibleimportance,firmsaretobefoundintherealworld.Thereforetheremustbeotherelementsinvolved.
Themainreasonwhyitisprofitabletoestablishafirmwouldseemtobethatthereisacostofusingthepricemechanism.Themostobviouscostof"organizing"productionthroughthepricemechanismisthatofdiscoveringwhattherelevantpricesare.Thiscostmaybereducedbutitwillnotbeeliminatedbytheemergenceofspecialistswhowillsellthisinformation.Thecostsofnegotiatingandconcludingaseparatecontractforeachexchangetransactionwhichtakesplaceonamarketmustalsobetakenintoaccount.Again,incertainmarkets,e.g.,produceexch