- Series Information
- The Oxford Handbook of Austrian Economics
- List of Figures and Tables
- Introduction: Austrian Economics as a Progressive Research Program in the Social Sciences
- Austrian Methodology: A Review and Synthesis
- The Knowledge Problem
- Market Theory and the Price System
- Austrians versus Market Socialists
- Spontaneous Order
- The Capital-Using Economy
- Capital-Based Macroeconomics: Austrians, Keynes, and Keynesians
- Austrian Business Cycle Theory: A Modern Appraisal
- Free Banking
- Social Economy as an Extension of the Austrian Research Program
- Organizations and Markets
- The Evolution of Property Rights Systems
- On the Origins of Stock Markets
- The Rule of Experts
- The Problem of Rationality: Austrian Economics between Classical Behaviorism and Behavioral Economics
- Dynamics of Interventionism
- Ordoliberalism and the Austrian School
- The Tax State as Source of Perpetual Crisis
- Constitutional Political Economy and Austrian Economics
- Public Choice and Austrian Economics
- The Market Process Theory Perspective on Capitalism: Normative Facets and Implications
- On the Economy-Wide Implications of Kirznerian Alertness
- Contemporary Austrian Economics and the New Economic Sociology
- The Austrian Theory of Finance: Is It a Unique Contribution to the Field?
- Austrian Economics and the Evolutionary Paradigm
- Complexity and Austrian Economics
- <i>The Sensory Order</i>, Neuroeconomics, and Austrian Economics
- What Have We Learned from the Collapse of Communism?
- The Political Economy of Foreign Intervention
- From Subsistence to Advanced Material Production: Austrian Development Economics
- On Your Mark, Get Set, Develop!: Leadership and Economic Development
- The Financial Crisis in the United States
- The Financial Crisis in the United Kingdom: Uncertainty, Calculation, and Error
Abstract and Keywords
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. This chapter reviews these insights, discusses recent literature on Austrian economics and the theory of the firm, and suggests new directions for developing and extending an Austrian approach to organizations. In doing so it answers the following questions: Why, do organizations, large and small, emerge and persist? How do they avoid the problem of economic calculation faced by socialist economies? Why do organizations take the shapes they do, why do their characteristics vary over time and across industries, and why do they succeed or fail? Are most organizations stable over time, or do organizations, like markets, adapt and learn? and How do entrepreneurs arrange assets and manage individuals within organizations?
Nicolai J. Foss, Department of Strategic Management and Globalization, Copenhagen Business School.
Peter G. Klein is Associate Professor of Applied Social Sciences at the University of Missouri. He also holds positions at the University of Missouri’s Truman School of Public Affairs and the Norwegian School of Economics. Klein’s research focuses on the economics of organization, entrepreneurship, and strategic management. He is author or editor of five books and over 75 articles, chapters, and reviews. He is an Associate Editor of the Academy of Management Perspectives, an Associate Editor of the Independent Review, and sits on the editorial boards of seven other academic journals. He and Nicolai Foss co-founded the popular management blog Organizations and Markets.
Stefan Linder, ESSEC Business School
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