Entrepreneurship and the Firm

Entrepreneurship and the Firm : Austrian Perspectives on Economic Organization

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While characteristically `Austrian' themes such as entrepreneurship, economic calculation, tacit knowledge and the temporal structure of capital are clearly relevant to the business firm, Austrian economists have said relatively little about management, organization, and strategy. This innovative book features 12 chapters that all seek to advance the understanding of these issues by drawing on Austrian ideas. Building on existing research in transaction cost economics, agency theory, evolutionary economics and the resource-based theory of the firm, the authors cover a wide range of theoretical and applied topics. These include knowledge management, authority and hierarchy, modularity, corporate restructuring, telecommunications regulation and competitive advantage. They clearly show how Austrian ideas can usefully engage, challenge and extend more mainstream perspectives on economic organization. There are many books on Austrian economics and many more on the theory of the firm, but virtually none that integrate these two bodies of literature. Scholars of Austrian economics and academics interested in strategy, organization and the theory of the firm will draw great value from this insightful book.show more

Product details

  • Hardback | 296 pages
  • 160 x 233.7 x 30.5mm | 544.32g
  • Edward Elgar Publishing Ltd
  • Cheltenham, United Kingdom
  • English
  • 1840646608
  • 9781840646603

Review quote

`This volume is a positive contribution to Austrian economics. . . The contributors cast new light on problems that were not considered from the outset as genuine to Austrian economics: this includes theoretical problems, such as property rights, learning, and incentives, as well as empirical, and perhaps more exotic problems from an Austrian point of view, such as corporate governance and industrial organization.' -- Jacques-Laurent Ravix, Journal of Evolutionary Economics `. . . a very interesting book which goes a considerable way towards linking economic analysis of the firm with empirical study of business decisions and with ideas which have been discussed in studies of business policy and management. . . This is a book which calls for, and repays, careful reading.' -- A.L. Minkes, International Journal of Management and Decision Making `This is a most informative book for both the non-specialist and specialist alike. The non-specialist can get a feel for the literature on the entrepreneur whilst the specialist is given some significant ideas that will move forward the debate as to what contributions Austrians can make in the area of the theory of the firm, particularly with a capabilities approach.' -- David Gray, International Journal of Entrepreneurship and Innovation `For researchers interested in Austrian economics and those interested in the theory of the firm the book gives a valuable summary of what can be derived from the Austrian approach to the theory of the firm.' -- Helge Peukert, European Business Organization Law Reviewshow more

Table of contents

Contents: Introduction - Entrepreneurship and the Firm: Austrian Perspectives on Economic Organization Nicolai J. Foss and Peter G. Klein 1. Explaining Firms Brian J. Loasby 2. Modularity in Technology and Organization Richard N. Langlois 3. Economic Organization in the Knowledge Economy: An Austrian Perspective Nicolai J. Foss 4. Knowledge: A Challenge for the Austrian Theory of the Firm Pierre Garrouste 5. Schumpeter's and Kirzner's Entrepreneur Reconsidered: Corporate Entrepreneurship, Subjectivism and the Need for a Theory of the Firm Wolfgang Gick 6. Economic Organization and the Trade-offs between Productive and Destructive Entrepreneurship Kirsten Foss and Nicolai J. Foss 7. Entrepreneurship, Contracts and the Corporate Firm: Austrian Insights on the Contractual Nature of Business Organization Stavros Ioannides 8. Costs of Contracting, Psychology of Entrepreneurship and Capabilities of Firms Martti Vihanto 9. Do Entrepreneurs Make Predictable Mistakes? Evidence from Corporate Divestitures Peter G. Klein and Sandra K. Klein 10. Telecommunications Mergers and Theories of the Firm 11. Rents and Resources: A Market Process Perspective Jerry Ellig 11. Rents and Resources: A Market Process Perspective Peter Lewin and Steven E. Phelan 12. Resource-Advantage Theory and Austrian Economics Shelby Hunt Indexshow more

About Nicolai J. Foss

Edited by Nicolai J. Foss, Professor of Strategy and Organization, Copenhagen Business School, Denmark and Norwegian School of Economics and Business Administration, Norway and Peter G. Klein, Hankamer School of Business, Baylor University, USshow more

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