Thenatureofthefirm英文原版完美重排版.docx

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."

Ⅰ

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