"Writers after Coase have referred to the authority structure of the firm as a "visible hand" that works in combination with Smith's invisible hand. The everyday fact that employers exercise power over their employees — not news to most employees — had been a central theme in Marx's economics, but it was (and generally continues to be) overlooked by most neoclassical economists. Early in his studies Coase noted the similarity between the hierarchical organization of capitalist firms, with their reliance on command relations, and the then-existing system of centralized economic planning in the Communist countries, where production was carried out in accordance with orders from higher authorities and where market competition played little role."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Educators from the United StatesPeople from New HavenEconomists from the United StatesPeople from Connecticut
Original Language: English
Available Languages (1)
Sources
p. 85
https://en.wikiquote.org/wiki/Samuel_Bowles
Revision History
No revisions have been submitted for this quote.
Categories
Samuel Bowles
10 quotes on TrueQuotesView all quotes by Samuel Bowles →
Related Quotes
"Endangered liberal values would stand a better chance in a society committed to defending the weak and vulnerable, as…"
"The first dimension is called "competition," and it refers to that aspect of an economic system in which exchanges of…"
"The point of Darwin's statement is clear: in competitions among groups, those whose members have learned how to coope…"
"The view that early humans lived in worlds with little contact outside one's family--Dawkins' ideal conditions for se…"
"The second dimension is called "command," and it refers to those aspects of economic relationships that involve power…"
"The third dimension of three-dimensional economics, change, suggests that studying economics also means studying hist…"
"The aristocratic and the modern were inextricably combined in Joseph Schumpeter. The paradoxes of this great economis…"
"Keynes was no revolutionary, but his ideas revolutionized 20th-century economics."
"The point is that coordination can be achieved by either of two means: (1) with no one dictating anyone else's precis…"
"The wilderness begins at the edge of my body, at the edge of my consciousness, and extends to the edge of the univers…"