“Most organisations firms are simply legal fictions which serve as a nexus for a set of contracting relationships among individuals.”

Source: "Theory of the firm: Managerial behavior, agency costs and ownership structure", 1976, p. 310

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Michael Jensen8

American economist 1939

Carroll Quigley (1910–1977) American historian

Source: The Evolution of Civilizations (1961) (Second Edition 1979), Chapter 2, Man and Culture, p. 59

“It is traditional in the theory of the firm to define the production opportunity set available to the firm in terms of its boundary -- the maximum attainable set of output quantities for various input quantities, given the state of technology and knowledge. This boundary is the production function of the firm. One of our purposes here is to point out the dependence of such production functions on the structure of property rights and contracting rights within which the firm exists. We redefine the production function in order to recognize the dependence of output on the structure of property and contracting rights. That expanded framework is then used to discuss a concrete set of problems surrounding the role of labor in the firm ranging from the 'labor-managed firm' system (in which tradable capital value residual claims [common stock] are legally prohibited), and the codetermination and industrial democracy movements (in which management participation by labor is required by law), to cooperatives and professional partnerships (i. e., quasi-labor-managed firms which arise out of the voluntary contracting process), and the capitalist corporation.”

Michael Jensen (1939) American economist

Michael C. Jensen and William H. Meckling. "Rights and production functions: An application to labor-managed firms and codetermination." Journal of business (1979): 469-506.

“In some firms role relationships prescribed by the chart seemed to be of secondary importance to personal relationships between individuals.”

Joan Woodward (1916–1971) British sociologist

Source: Industrial Organization: Theory and practice, 1965, p. 24

“If an organised body is not in the situation and circumstances best adapted to its sustenance and propagation, then, in conceiving an indefinite variety among the individuals of that species, we must be assured, that, on the one hand, those which depart most from the best adapted constitution, will be most liable to perish, while, on the other hand, those organised bodies, which most approach to the best constitution for the present circumstances, will be best adapted to continue, in preserving themselves and multiplying the individuals of their race.”

James Hutton (1726–1797) Scottish geologist and physician

This passage suggests that more than than 50 years before the publication of On the Origin of Species, Hutton anticipated Darwin's theory of natural selection.
Source: An Investigation into the Principles of Knowledge (1794)

“Which comes first — price being set by the intersection of supply and demand, or individual firms equating marginal cost to price?”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 4, Size Does Matter, p. 101

“In the most abstract sense, a system is a set of objects together with relationships among the objects. Such a definition implies that a system has properties, functions, and dynamics distinct from its constituent objects and relationships.”

Tom R. Burns (1937) American sociologist

Source: Systems theories (2006), p. 1.

“Stakeholder theory regards the firm as a nexus of stakeholders, commonly defined as groups or individuals who can affect or are affected by the achievement of the firm's goals (Freeman 1984). Depending on the ground for examining a firm's stakeholders, we can differentiate three approaches (Jones 1995):
The descriptive approach proposes an examination of firm-stakeholder relationships to provide an understanding of how the firm deals with different stakeholders.
The normative approach proposes an examination of firm-stakeholder relationships to discem stakeholders' interests and offer guidance on how to account for them using moral or philosophical principles.
The instrumental approach also proposes an examination of firm-stakeholder relationships to discem stakeholders' interests. However, in contrast to the normative approach, the instrumental approach involves the organizational performance consequences that stem from accounting for these interests.
The distinctive aspect of the instrumental approach to stakeholder theory is that it explicitly suggests linking stakeholder-directed activities (means) to corporate performance outcomes (ends) (Donaldson and Preston 1995; Freeman 1999).”

Christian Homburg (1962) German academic

Source: "Corporate social responsibility in business-to-business markets", 2013, p. 56; On Instrumental stakeholder theory

“Trade is the oldest and most important economic nexus among nations. Indeed, trade along with war ha been central to the evolution of international relations.”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter Five, The Politics Of International Trade, p. 171

“I think that science fiction can, by creating extreme situations and settings, draw out the essence of human relationships.”

Makoto Shinkai (1973) Japanese anime director and former graphic designer

Interviewed on Tested http://www.tested.com/art/movies/442545-2d-animation-digital-era-interview-japanese-director-makoto-shinkai/ <br class="br">About Your Name

“The aim of the graphic is to make the relationship among previously defined sets appear.”

Jacques Bertin (1918–2010) French geographer and cartographer

Source: Semiology of graphics (1967/83), p. 176

“Most organisations firms are simply legal fictions which serve as a nexus for a set of contracting relationships among individuals.”

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Michael Jensen8

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