Jason (jcreed) wrote,
Jason
jcreed

Every time I went to the to-each-according-to-their-need-for-staples office supply supply closet, whether at CMU, Penn, or Google, I had an inkling of what Yanis Varoufakis expresses so pointedly here:

Interestingly, however, there is one last bastion of economic activity that proved remarkably resistant to the triumph of the market: firms, companies and, later, corporations. Think about it: market-societies, or capitalism, are synonymous with firms, companies, corporations. And yet, quite paradoxically, firms can be thought of as market-free zones. Within their realm, firms (like societies) allocate scarce resources (between different productive activities and processes). Nevertheless they do so by means of some non-price, more often than not hierarchical, mechanism!
Tags: economics
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