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Organizing Entrepreneurial Judgment
Entrepreneurship, long neglected by economists and management scholars, has made a dramatic comeback in the last two decades, not only among academic economists and management scholars, but also among policymakers, educators and practitioners. Likewise, the economic theory of the firm, building on Ronald Coase's (1937) seminal analysis, has become an increasingly important field in economics and management. Despite this resurgence, there is still little connection between the entrepreneurship literature and the literature on the firm, both in academia and in management practice. This book fills this gap by proposing and developing an entrepreneurial theory of the firm that focuses on the connections between entrepreneurship and management. Drawing on insights from Austrian economics, it describes entrepreneurship as judgmental decision made under uncertainty, showing how judgment is the driving force of the market economy and the key to understanding firm performance and organization.
The Elgar Companion to Transaction Cost Economics
'Not too long ago it was possible to be familiar with all of the important works and latest developments in transaction cost economics. That that is no longer the case is a testament to the intellectual appeal and empirical success of the transaction cost approach. for newcomers, the entries in this volume, by some of TCE's most knowledgeable and eloquent contributors, offer an excellent introduction to the issues, methods, discoveries, and debates in the field; for veterans, the volume provides a highly valuable resource for catching up on the newest research.' - Scott E. Masten, University of Michigan School of Business, US
Entrepreneurship and the Firm
While characteristically "Austrian" economic themes are clearly relevant to the business firm, Austrian economists have said little about management, organization and strategy. The 12 chapters in this work seek to advance the understanding of these issues by drawing on Austrian ideas.
Why Managers Matter
A manifesto on managers and hierarchy that bucks the trend of the lean, flat, leaderless organization As business struggles to adapt to a rapidly changing world, managers are bombarded with a bewildering array of schemes for how to be a boss and make an organization tick. It’s tempting to be seduced by futurist fantasies where every company has the culture of a startup, and where employees in wacky, whimsical office settings, liberated from hierarchies and bosses that oppress them, are the foundation for breakthrough performance. “Get real,” warn Nicolai J. Foss and Peter G. Klein. These fads ironically lead to micromanaging and, often, to disaster. Companies and societies, they show, ...
The Halo Effect
Too many of the most prominent management gurus today make steel-clad guarantees, based on claims of irrefutable research, promising to reveal the secrets of why one company fails and another succeeds, and how you can become the latter. Combining equal measures of solemn-faced hype and a whole body of delusions, statistical and otherwise, these self-styled experts cloud our ability to think critically about the nature of success in business. Like a virus, these fundamental errors of thinking infect much of what we read, whether in leading business magazines, scholarly journals, or management bestsellers. Central among these delusions is the Halo Effect, the tendency on the part of the expert...
The Fortunes of Liberalism
In this new collection of essays, F.A. Hayek traces his intellectual roots to the `Austrian school' of economics and links it to the modern rebirth of classical liberal or `libertarian' thought. There is much new interesting material here for scholars of Hayek: essays on Hayek's early life and on the intellectual climate of Vienna in the early part of the twentieth century; Hayek's opening address to the inaugural meeting of the Mont Pélerin Society and other material from the period when Hayek was playing his part in the revival of liberal thought; Hayek's views on his teachers and on other leading figures in the Austrian school. This is the fourth volume of The Collected Works of F.A. Hayek and the third to appear. This series provides a new standard edition of Hayek's writing - complete, newly ordered and comprehensively annotated. Much of the material in this volume is either previously unpublished or previously unavailable in English.
Austrian Perspectives on Entrepreneurship, Strategy, and Organization
The 'Austrian' tradition is well-known for its definitive contributions to economics in the twentieth century. However, Austrian economics also offers an exciting research agenda outside the traditional boundaries of economics, especially in the management disciplines. This Element examines how Austrian ideas play a key role in expanding the understanding of fields like entrepreneurship, strategy, and organization. It focuses especially on the vital role that entrepreneurs play in guiding economic progress by shaping firms and their strategic behavior. In doing so, it explains a wide range of contributions that Austrian economics makes to the understanding of key problems in management, while also highlighting many directions for future work in this inspiring tradition.
