Organizations and Markets
51 Pages Posted: 30 Apr 2013
Date Written: April 29, 2013
Austrian economics focuses on markets, but has much to say about organizations. In particular, Austrian insights on the structure of production, the heterogeneity and subjectivity of resources, the nature of uncertainty, the role of monetary calculation, and the function of the entrepreneur provide solid foundations for a distinctly Austrian theory of organizations. We review these insights, discuss recent literature on Austrian economics and the theory of the firm, and suggest new directions for developing and extending an Austrian approach to organizations.
Keywords: theory of the firm, firm boundaries, entrepreneurship, subjectivism
JEL Classification: B53, D21, D23, D83
Suggested Citation: Suggested Citation