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Imperfections in the Capital Market

George J. Stigler
Journal of Political Economy 1967 75(3), 287-292
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Hierarchical Control and Optimum Firm Size

Oliver E. Williamson
Journal of Political Economy 1967 75(2), 123-138
There is a great deal of evidence that almost all organizational structures tend to produce false images in the decision-maker, and that the larger and more authoritarian the organization, the better the chance that its top decision-makers will be operating in purely imaginary worlds. This perhaps is the most fundamental reason for supposing that there are ultimately diminishing returns to scale.