Working Paper Series
Evolution, Economic Competence, and the Market for Corporate Control
Abstract: To assess the merits of the market for corporate control,
this paper examines two processes which standard analysis does not study:
the allocation of economic competence and the evolution of organizational
structures. Economic competence is seen to be an unusual scarce resource
embodied in the very ways in which individuals and organizations take
economic decisions, which guides the allocation of all scarce resources,
including itself. Its efficient allocation is shown to require an
evolutionary trial-and-error process, where the market for corporate
control plays a crucial role.
Keywords: Corporate control; evolution of organisational structures; economic competence; (follow links to similar papers)
JEL-Codes: D83; L22; (follow links to similar papers)
46 pages, August 1989
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