Capitalists and workers: knowledge and the strategic role of investment within the firm
Stewart, Geoff (1994) Capitalists and workers: knowledge and the strategic role of investment within the firm. European Economic Review, 38, (9), 1779-1797. (doi:10.1016/0014-2921(94)90050-7).
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Description/Abstract
Does the ownership of capital confer a strategic advantage within the firm? The formation of a firm frequently represents an attempt by an individual to secure a return on knowledge, and we demonstrate that, in this context, there can be an incentive to precommit capital before contracting with other members of the firm - that is, to be the ‘capitalist’. Results are also obtained on the investment level and wage rate. The key ingredient of the model is emergence of a product market entry threat from within the firm. This contrasts with the anonymous external potential entrant prevalent in the literature.
| Item Type: | Article |
|---|---|
| ISSNs: | 0014-2921 (print) |
| Related URLs: | |
| Keywords: | capitalist, entrepreneur, knowledge, strategic investment |
| Subjects: | H Social Sciences > HG Finance H Social Sciences > HD Industries. Land use. Labor |
| Divisions: | University Structure - Pre August 2011 > School of Social Sciences > Economics |
| Item ID: | 33035 |
| Date Deposited: | 12 Dec 2007 |
| Last Modified: | 01 Jun 2011 09:00 |
| Contributors: | Stewart, Geoff (Author) |
| Date: | December 1994 |
| Status: | Published |
| URI: | http://eprints.soton.ac.uk/id/eprint/33035 |
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