Epeus’ epigone: …other broken models

the underlying economic justification for the existence of a corporation in the first place – the economic theories that build on Coase’s work saying that firms exist because transaction costs are lower within them than external transactions mediated by the marketplaces. Pettifogging internal purchasing rules should be subject to this test: does the internal transaction cost of approving and purchasing something exceed the value of the thing being purchased

So, how does it work in *your* firm?

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