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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

Nicolai J. Foss

Copenhagen Business School - Department of Strategic Management and Globalization

Peter G. Klein

Baylor University, Department of Entrepreneurship; Norwegian School of Economics, Department of Strategy and Management; Mises Institute

Per L. Bylund

School of Entrepreneurship; Baylor University - Department of Management & Entrepreneurship; Baylor University - John F. Baugh Center for Entrepreneurship; Ratio Institute; Ludwig von 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., Entrepreneurship and the Economics of the Firm (January 19, 2011). HANDBOOK OF ORGANISATIONAL ENTREPRENEURSHIP, Daniel Hjorth, ed. Edward Elgar, Forthcoming. Available at SSRN: https://ssrn.com/abstract=1747710

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

Baylor University, Department of Entrepreneurship ( email )

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

Norwegian School of Economics, Department of Strategy and Management ( email )

Breiviksveien 40
N-5045 Bergen
Norway

Mises Institute ( email )

Auburn, AL
United States

Per L. Bylund

School of Entrepreneurship ( email )

201 Business
Stillwater, OK 74078-0555
United States

HOME PAGE: http://entrepreneurship.okstate.edu

Baylor University - Department of Management & Entrepreneurship ( email )

PO Box 98006
Waco, TX 76798-8006
United States

Baylor University - John F. Baugh Center for Entrepreneurship ( email )

United States

Ratio Institute ( email )

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

Ludwig von Mises Institute ( email )

Auburn, AL
United States

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