Whilst 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.
Nicolai J. Foss is a Professor in the
Department of Industrial Economics and Strategy at the Copenhagen Business School, Denmark
and Peter G. Klein is Assistant Professor in the Department of Economics at the
University of Georgia, Athens, USA.
283 pages
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