Firms Gain Autonomy from Markets, Redefine Ownership and Control
The article discusses how traditional economic theory and accounting practices may not fully capture how a company operates. It suggests that instead of focusing solely on prices and costs, we should also consider how a company's internal systems, like accounting, affect its functioning. The study looks at how accounting plays a crucial role in understanding the unique way a company works, beyond just buying and selling. It argues that the firm, as a whole entity, has its own dynamics and structures that go beyond simple market transactions, with accounting serving as a key part of this. By analyzing how firms operate as complete systems with various organizational and knowledge structures, we can gain a better understanding of how ownership, control, and management interact within a company.