By Donald Richie
Publish yr note: First released in 1991
A masterfully written selection of brief essays via the well-known Western specialist on jap tradition and picture and the fellow Time journal calls "the dean of artwork critics in Japan." Spanning greater than thirty years, Richie translates his followed home's inventive accomplishments in the course of its upward push to fiscal and cultural energy.
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Additional resources for A Lateral View: Essays on Culture and Style in Contemporary Japan
Even with markets for consumer goods, he explained, socialism would fail because it substituted collective ownership of the means of production for private capital markets. rough these markets, owners of ﬁnancial capital decide which ﬁrms, and which industries, receive resources to make consumer goods. In a modern economy, most production takes place in publicly held corporations. Of prime importance, then, is the problem of corporate governance: How do owners of ﬁnancial capital structure their agreements with those who receive that capital, to prevent its misuse?
Economic calculation is the tool entrepreneurs use to assess costs and expected future beneﬁts. Consider each in turn. parties, such as the courts), in which case contracts cannot be made contingent on these variables or outcomes. ” 7 As noted in chapter 1 above (pp. 18–21), some Austrians have questioned the Coasian, contractual approach as an appropriate basis for an Austrian theory of the ﬁrm. I do not share these concerns, however, seeing Coase’s framework as a general heuristic that can accommodate various notions of the origins of internal and external transaction costs, including those emphasized in the Austrian literature.
E Coasian and Knightian theories of the ﬁrm deal with the issue [of the existence of ﬁrms] from two diﬀerent vantage points. e Coasian theory takes the inputs and outputs in the ﬁrm’s production process as given, and models the ﬁrm as an organization that acts to minimize the costs of transforming these inputs into outputs. . However, in Knight’s model, entrepreneurship is the primary role of the 19 ﬁrm (Boudreaux and Holcombe, 1989, p. 152).