Comparative Analysis of the Nature of the Firm: Institutional and Evolutionary Approaches
The author substantiates the methodological originality of the Penrose approach in comparison with the approach of Coase theory of the firm. The first part covers the basics of this opposition and the authors ‘ contribution to the theory of the firm. Draws attention to the fact that the Penrose theory is based on the separation of the concepts “information”and “knowledge” and justifying their role in the growth of the firm. Then a comparison of the two opposite perspectives offered by Coase and Penrose in the field of industry. It is suggested that the approach of Coase as a whole is a closed system with the Central location of the firm in this system; whereas, the Penrose approach provides for an open market economy system that became the basis for building a resource the concept of transnational companies (TNCs).