Entrepreneurship and the Economics of the Firm

HANDBOOK OF ORGANISATIONAL ENTREPRENEURSHIP, Daniel Hjorth, ed. Edward Elgar, Forthcoming

SMG Working Paper No. 6/2011

33 Pages Posted: 27 Jan 2011 Last revised: 16 Nov 2011

See all articles by Nicolai J. Foss

Nicolai J. Foss

Copenhagen Business School - Department of Strategy and Innovation

Peter G. Klein

Baylor University - Hankamer School of Business; NHH Norwegian School of Economics - Department of Strategy and Management; Ludwig von Mises Institute

Per L. Bylund

School of Entrepreneurship; Ratio Institute; Mises Institute

Date Written: January 19, 2011

Abstract

The study of entrepreneurship and the study of economic organizing lack contact. In fact, the modern theory of the firm virtually ignores entrepreneurship, while the literature on entrepreneurship often sees little value in the economic theory of the firm. In contrast, we argue in this chapter that entrepreneurship theory and the theory of the firm can be usefully integrated, and that doing so would improve both bodies of theory. Adding the entrepreneur to the theory of the firm provides a dynamic view that the overly static analysis of firm organizing cannot support. Moreover, adding the firm to the study of the entrepreneur provides important clues to how we can understand entrepreneurship.

Keywords: The theory of the firm, entrepreneurship, Austrian economics

JEL Classification: D23, B53

Suggested Citation

Foss, Nicolai J. and Klein, Peter G. and Bylund, Per L. and Bylund, Per L., Entrepreneurship and the Economics of the Firm (January 19, 2011). HANDBOOK OF ORGANISATIONAL ENTREPRENEURSHIP, Daniel Hjorth, ed. Edward Elgar, Forthcoming, SMG Working Paper No. 6/2011, Available at SSRN: https://ssrn.com/abstract=1747710

Nicolai J. Foss (Contact Author)

Copenhagen Business School - Department of Strategy and Innovation ( email )

Kilen
Frederiksberg, 2000
Denmark

Peter G. Klein

Baylor University - Hankamer School of Business ( email )

Waco, TX 76798
United States
254-710-4903 (Phone)

NHH Norwegian School of Economics - Department of Strategy and Management ( email )

Breiviksveien 40
N-5045 Bergen
Norway

Ludwig von Mises Institute ( email )

Auburn, AL
United States

Per L. Bylund

Ratio Institute ( email )

P.O. Box 3203
SE-103 64 Stockholm
Sweden

School of Entrepreneurship ( email )

Oklahoma State University
424 Business building
Stillwater, OK 74078
United States
4057444301 (Phone)

HOME PAGE: http://business.okstate.edu/directory/694946.html

Mises Institute ( email )

518 West Magnolia Avenue
Auburn, AL 36832
United States

HOME PAGE: http://mises.org/bylund

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