Monday, October 24, 2016

Not market v state but market v firm

The firm as alternative to the market
This is the expository task

It's the existence of firms not the intervening state
that definitively refutes market purism

Greenwald stiglitz needs to be reconfigured as the reason firms not states exist

Cousin joe likes to call it the " necessity for hierarchy " theorem and this gets the essence right

Contractor v employee

Bundles of mutually reinforcing incentives

Lead to these two complex set of agent principal  relationships