Economics, Econometrics and Finance
6 years ago

New theory redefines firms as part of market, revolutionizing economic development.

2 views
The Problem of Production: A new theory of the firm
Per L. Bylund

Paper Summary

The theory of the firm has been reimagined by Bylund, who sees firms as part of the market, not separate entities. This new theory, based on Austrian economics, looks at how firms fit into the market, considering entrepreneurship, production, market processes, and economic development.

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