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Inside The Machine: How Two Nobel Winners Taught Us How Companies Tick

Wednesday, October 26, 2016 17:31
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from The Conversation

– this post authored by Sumon Bhaumik, University of Sheffield

One of the most notable evolutions in economic theory is the change in how we look at companies. No longer do we see a black box which uses some process or technology to turn inputs into outputs. These days we think of a business as a nexus of contracts among different stakeholders – shareholders, creditors, managers, workers, customers, suppliers and so on.

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