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Capabilities and Governance: The Rebirth of Production in the Theory of Economic Organization

Richard N. Langlois
University of Connecticut - Department of Economics

Nicolai J. Foss
Copenhagen Business School - Center for Strategic Management and Globalization

January 1997

Druid Working Paper No. 97-2

Abstract:
We argue that since Coase?s seminal 1937 paper on "The Nature of the Firm," there has been an odd and unjustified separation between price theory and the economics of organization. For example, matters of production has been the domain of the former exclusively. However, a new approach to economic organization, here called "the capabilities approach," that places production center-stage in the explanation of economic organization, is now emerging. We discuss the sources of this approach and its relation to the mainstream economics of organization.

JEL Classifications: D23, D40, D83

Working Paper Series

Date posted: April 19, 1998 ; Last revised: May 22, 1998

Suggested Citation

Langlois, Richard N. and Foss, Nicolai J., Capabilities and Governance: The Rebirth of Production in the Theory of Economic Organization (January 1997). Druid Working Paper No. 97-2. Available at SSRN: http://ssrn.com/abstract=77668 or doi:10.2139/ssrn.77668

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Contact Information

Richard N. Langlois (Contact Author) University of Connecticut - Department of Economics ( email ) 341 Mansfield Rd Monteith Building, Room 332 Storrs, CT 06269 United States 860-486-3472 (Phone) 860-486-4463 (Fax)
Nicolai J. Foss Copenhagen Business School - Center for Strategic Management and Globalization ( email ) Porcelænshaven 24 Frederiksberg 2000 Denmark +45 3815 3030 (Phone) +45 3815 3035 (Fax) HOME PAGE: http://www.cbs.dk/staff/nicolai_foss