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Is the Most Unproductive Firm the Foundation of the Most Efficient Economy?

By William Lazonick

“Edith Penrose’s 1959 book, The Theory of the Growth of the Firm [TGF], fits the definition of a “classic”: a work that many cite but few have read. The view that I advance in this essay is that no one should be granted a Ph.D. in economics who has not read TGF and understood what this profound economist had to say.”…

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