Solutions manual to accompany Advanced Macroeconomics by Jeffrey Rohaly

By Jeffrey Rohaly

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The advan- Agency and nonagency explanations of the Firm's organization 33 tage of constituting new teams over shorter intervals of time grows as does the variability over time of the tasks to be performed. , are likely to demand greater flexibility). The productive giving of directions requires confidence that these directions are carried out. This confidence is itself a function of organization. The main difference between organizations in this respect lies in the benefits and costs of increasing reliability.

The employer, argue neo-Marxists, is then indifferent between these methods. Workers and society are not. The indifference shown by employers leads to the diversion of real resources into a monitoring effort when all that is needed is a transfer payment in the form of a higher wage. Workers, of course, prefer higher wages to being monitored; society prefers transfer payments rather than diversion of real resources. Hence, the capitalist firm, because of its alleged indifference, can be a source of inefficiency if information is imperfect.

This inquiry is independent of whether an agency problem is also present. Transaction cost theory thus offers a nonagency explanation of the firm's organization. A reduction in transaction cost leads to an increase in the number of firms and in the number of different management teams. The typical firm becomes smaller and more specialized. Both changes ought to influence the firm's organization, at least by making the management hierarchy smaller and by reducing its reliance on formal organizational rules.

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