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The Theory of the Firm and Its Critics: A Stocktaking and Assessment

Nicolai J. Foss
Copenhagen Business School - Center for Strategic Management and Globalization

Peter G. Klein
University of Missouri at Columbia - Contracting and Organizations Research Institute (CORI); Norwegian School of Economics and Business Administration


March 30, 2005

CORI Working Paper No. 2005-03

Abstract:     
Since its emergence in the 1970s the modern economic or Coasian theory of the firm has been discussed and challenged by sociologists, heterodox economists, management scholars, and other critics. This chapter reviews and assesses these critiques, focusing on behavioral issues (bounded rationality and motivation), process (including path dependence and the selection argument), entrepreneurship, and the challenge from knowledge-based theories of the firm.

Keywords: theory of the firm, cognition, bounded rationality, motivation, capabilities, entrepreneurship, path dependence

JEL Classifications: B4, D23, L14, L22

Working Paper Series

Date posted: March 31, 2005 ; Last revised: September 01, 2005

Suggested Citation

Foss, Nicolai J. and Klein, Peter G., The Theory of the Firm and Its Critics: A Stocktaking and Assessment (March 30, 2005). CORI Working Paper No. 2005-03. Available at SSRN: http://ssrn.com/abstract=695484


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Contact Information

Nicolai J. Foss (Contact Author)
Copenhagen Business School - Center for Strategic Management and Globalization ( email )
Porcelænshaven 24
Frederiksberg 2000
Denmark
+45 3815 3030 (Phone)
+45 3815 3035 (Fax)
HOME PAGE: http://www.cbs.dk/staff/nicolai_foss
Peter G. Klein
University of Missouri at Columbia - Contracting and Organizations Research Institute (CORI) ( email )
135D Mumford Hall
Columbia, MO 65211
United States
HOME PAGE: http://cori.missouri.edu/pklein
Norwegian School of Economics and Business Administration ( email )
Breiviksveien 40
N-5045 Bergen Norway
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