Description
The author is discussing the theory of the firm. The theory of the firm states that production is a complex system of interdependent activities which must be committed to specific technological purposes long in advance in order to ensure the continuance of each individual activity. In such a system, resources must be committed to specific purposes long in advance in order to ensure the ultimate sale of goods to the consumer.
Production is a complex system of interdependent activities, necessary to the system as a whole, which itself depends on the continuance of each individual activity that composes it. In such a system, resources must be committed to specifi c technological purposes long in advance to the ultimate sale of goods to the consumer.
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