Entrepreneurship And The Economic Theory Of The Firm

Topics:
Small Business
Tags:
Copenhagen Business School,
Entrepreneurship,
Management,
Theory
Source:
Copenhagen Business School

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Overview: Though they developed in isolation, the theory of entrepreneurship and the economic theory of the firm can be usefully integrated. In particular, the concept of entrepreneurship as judgment associated with Knight and some Austrian school economists aligns naturally with the theory of the firm. Because judgment cannot be purchased on the market, the entrepreneur needs a firm - a set of alienable assets he controls - to carry out his function. We show how this notion of judgment illuminates key themes in the modern theory of the firm (existence, boundaries, and internal organization). In our approach, resource uses are not data, but are created as entrepreneurs envision new ways of using assets to produce final goods.

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Format: PDF | Size: 273KB | Date: Aug 2004 | Pages: 27

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