Markets and Multiunit Firms from an American Historical Perspective

33 Pages Posted: 13 Apr 2001 Last revised: 21 Oct 2010

See all articles by Sukkoo Kim

Sukkoo Kim

Washington University in St. Louis - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: April 2001

Abstract

The expansion of markets and industrialization greatly increased the benefits of specialization in the U.S. economy. However, since the benefits of specialization can only be realized through trade, specialization significantly increases the volume of market transactions in the economy. The analysis presented in this paper suggests that a better understanding of the historical changes in the nature of market transactions costs, especially those related to information, is likely to provide considerable insights on the rise of the modern business enterprise and a richer understanding of the industrial organization of the U.S. economy.

Suggested Citation

Kim, Sukkoo, Markets and Multiunit Firms from an American Historical Perspective (April 2001). NBER Working Paper No. w8232. Available at SSRN: https://ssrn.com/abstract=266759

Sukkoo Kim (Contact Author)

Washington University in St. Louis - Department of Economics ( email )

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National Bureau of Economic Research (NBER)

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