The Effects of Monetary Instability on the Extent of Vertical Integration

Document Type

Article

Journal/Book Title/Conference

Atlantic Economic Journal

Volume

17

Publication Date

1989

First Page

1

Last Page

10

Abstract

Ronald Coase [1937] provided the theoretical foundation for all subsequent studies of the determinants of business integration. Although the transaction-costs paradigm he developed has been accused of lacking empirical content - of being tautological - even by some of Coase's admirers [Alchian and Demsetz, 1972, p. 783; Williamson, 1986, p. 4], its influences is beyond question. Coases's article remains modern because the particular causal factors that he specified as determining the size of firms continue to be emphasized in recent work.

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