Bridging O&M and

11 June 2008 at 8:56 am 1 comment

| Nicolai Foss |

The chaps over at routinely refer to O&M as their “evil twin.” We have so far resisted this characterization (more the “twin” than the “evil” part, to be sure), but perhaps they’ve got a point. After all, O&M is heavily tainted by Austrian economics; seems to subscribe to important tenets in the emerging “economic sociology”; and, as Gertraude Mikl-Horke points out in a recent paper, “Austrian Economics and Economic Sociology: Past Relations and Future Possibilities for a Socio-Economic Perspective,” AE and econ soc are closely related in a number of respects: there is a strong thematic overlap and the treatment of some key constructs (uncertainty, interpretation, dynamics . . . ) is strikingly similar. OK, admittedly, her key source for AE insights is NYU/George Mason Austrianism (think O’Driscoll and Rizzo) and more Misesian Austrians may balk at the links Mikl-Horke establishs, but at any rate this is an interesting Aufforderung zum Tanz.Here is the abstract of the paper:

The diversity of approaches within modern economics is often overlooked by
economic sociology focusing on the neoclassical orthodoxy. At the time of the dispute over methods there had been mutual influences between Max Weber and the Austrian version of neoclassical theory, but in the later approaches of economic sociology the special features of Austrian economics, which has developed from being one of the neoclassical schools into a strand of thought with unique characteristics, have not been recognized. Modern Austrian economics emphasizes time, uncertainty, knowledge and dynamic market processes, which are themes of importance for economic sociology. Moreover, the conceptions of individual action and social order in Austrian economics can be of relevance for a socio-economic perspective with regard to overcoming the division between social and economic factors.

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  • […] der tanz: economic sociology and austrian economics Posted in economics, sociology, teppo by Teppo on June 11th, 2008 Nicolai points to a paper that makes some conceptual links between the predominant intellectual tradition of, economic sociology, and the proclivities of O&M, Austrian economics — here’s his post. […]

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Nicolai J. Foss and Peter G. Klein, Organizing Entrepreneurial Judgment: A New Approach to the Firm (Cambridge University Press, 2012).
Peter G. Klein and Micheal E. Sykuta, eds., The Elgar Companion to Transaction Cost Economics (Edward Elgar, 2010).
Peter G. Klein, The Capitalist and the Entrepreneur: Essays on Organizations and Markets (Mises Institute, 2010).
Richard N. Langlois, The Dynamics of Industrial Capitalism: Schumpeter, Chandler, and the New Economy (Routledge, 2007).
Nicolai J. Foss, Strategy, Economic Organization, and the Knowledge Economy: The Coordination of Firms and Resources (Oxford University Press, 2005).
Raghu Garud, Arun Kumaraswamy, and Richard N. Langlois, eds., Managing in the Modular Age: Architectures, Networks and Organizations (Blackwell, 2003).
Nicolai J. Foss and Peter G. Klein, eds., Entrepreneurship and the Firm: Austrian Perspectives on Economic Organization (Elgar, 2002).
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Nicolai J. Foss and Paul L. Robertson, eds., Resources, Technology, and Strategy: Explorations in the Resource-based Perspective (Routledge, 2000).

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