Organizing Entrepreneurial Judgment: A New Approach to the Firm

by Nicolai J. Foss , Peter G. Klein

• ISBN13: 9780521874427
• ISBN10: 0521874424
• Format: Hardcover
• Copyright: 2012-04-19
• Publisher: Cambridge University Press

Summary

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.

Table of Contents

List of figures

Preface

Acknowledgements

The need for an entrepreneurial theory of the firm

What is entrepreneurship?

Entrepreneurship: from opportunity discovery to judgment

What is judgment?

From shmoo to heterogeneous capital

Entrepreneurship and the economic theory of the firm

Entrepreneurship and the nature and boundaries of the firm

Internal organization: original and derived judgment

Concluding discussion

References

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