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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 SeriesDate posted: March 31, 2005 ; Last revised: September 01, 2005Suggested CitationContact Information
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