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Entrepreneurship and the Firm

Austrian Perspectives on Economic Organization 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, US
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.
Extent: 296 pp
Hardback Price: $141.00 Web: $126.90
Publication Date: 2002
ISBN: 978 1 84064 660 3
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  • Business and Management
  • Entrepreneurship
  • Economics and Finance
  • Economics of Entrepreneurship
  • Industrial Organisation
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.
‘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 Review
Contributors: J. Ellig, K. Foss, N.J. Foss, P. Garrouste, W. Gick, S. Hunt, S. Ioannides, P.G. Klein, S.K. Klein, R.N. Langlois, P. Lewin, B.J. Loasby, S.E. Phelan, M. Vihanto
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

Index