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
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, L22working papers series
Date posted: March 31, 2005
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