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


Nicolai J. Foss


Copenhagen Business School - Department of Strategic Management and Globalization

Peter G. Klein


University of Missouri, Division of Applied Social Sciences; Norwegian School of Economics and Business Administration; Ludwig von Mises Institute
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.

Number of Pages in PDF File: 25

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

JEL Classification: B4, D23, L14, L22

working papers series


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Date posted: March 31, 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 or http://dx.doi.org/10.2139/ssrn.695484

Contact Information

Nicolai J. Foss (Contact Author)
Copenhagen Business School - Department of 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, Division of Applied Social Sciences ( email )
135 Mumford Hall
Columbia, MO 65211
United States
573-882-7008 (Phone)
HOME PAGE: http://web.missouri.edu/~kleinp
Norwegian School of Economics and Business Administration ( email )
Breiviksveien 40
N-5045 Bergen
Norway
Ludwig von Mises Institute ( email )
United States
Feedback to SSRN (Beta)


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