Organization Capital

Edward C. Prescott · Michael Visscher

452 citations0/0 files storedJournal of Political Economy

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Economic Growth and Productivity Economic Theory and Institutions Firm Innovation and Growth

Abstract

The manner in which information is accumulated in the firm offers an explanation for the firm's existence. Information is an asset to the firm, for it affects the production possibility set and is produced jointly with output. We call this asset of the firm its organization capital. The costs of adjusting the stock of organization capital induce the firm to constrain its growth rate, thus explaining certain facts about firm growth and size distribution. Adjustment costs arise endogenously rather than being assumed.

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