Mises Daily
Author:
Per Bylund
Online Publish Date:
Originally Published September 20, 2011. What is a firm? This may not seem like a question in lack of an answer. In the United States, as in most other countries, it is a registered, regulated entity acting legally as a person. But economically, the legal definition is irrelevant: the economic function of the “firm” is not its legal status — if it