Resource title

Market Process and the Firm: - Some Indications of Rule-following

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Resource description

This paper examines the nature of genuine uncertainty and rule-following behaviour andsuggests some implications for the theory of the firm. The firm is seen here as emergingas a means to manage some of the experienced uncertainty. The nature of the firm isperceived as an evolving institution creating predictability both inside the firm and inthe market. But because of the spontaneous nature of life-world, social processes remainopen-ended. This subjectivist perspective cannot assign any particular premeditatedpurpose to the spontaneous order which emerges through the market process. Theprocess is not kaleidic but nor is it considered to be moving toward increasing efficiencyeither. Rules and institutions provide predictability to the extent that novelties can beintroduced to the process. Discoveries do not, however, only introduce new outcomes inthe market process, they also change the rules of the game.

Resource author

Jukka Jukka Kaisla

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Resource publish date

Resource language

eng

Resource content type

application/pdf

Resource resource URL

http://hdl.handle.net/10398/8100

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