Archive for June, 2009

Doug North Line of the Day

| Peter Klein |

From Bob Margo’s EH.Net review of North, Wallis, and Weingast’s Violence and Social Orders: A Conceptual Framework for Interpreting Recorded Human History:

In my book people are iconic if I can summarize their life’s work in ten words or less.  North takes two: “Institutions matter.”

He adds: “The opposite perspective — viewed in isolation most institutions don’t matter much, being Harberger triangles and small ones at that — has its fans in modern economics.  But North has convinced the majority of economic historians, a goodly share of world’s development wonks, and the Nobel Prize Committee that he’s right.”

Update: Art Carden beat me to this.

25 June 2009 at 8:04 am 2 comments

Austrian Theory of the Firm Bleg

| Peter Klein |

This post is for devotees and fellow-travelers of the Austrian school. As some of you know I maintain an online bibliography of articles and books dealing with applications of Austrian economics to the theory of the firm (and strategic management more generally). Happily, this literature has grown dramatically in the last few years. Sadly, I have not had time to update the bibliography on a consistent basis. So, please send me your suggested additions and corrections (ideally with URLs). Self-nominations are welcome!

24 June 2009 at 2:29 pm 2 comments

Sid Winter on Methodology

| Peter Klein |

Overheard at last week’s DRUID conference, in Sid Winter’s discussion of three papers on technology strategy:

“Our near-exclusive focus on statistical significance has distracted us from the main task of scientific explanation: the determination of cause and effect.”

Three cheers to Sid for standing with Menger over Walras!

24 June 2009 at 2:45 am 5 comments

Copenhagen Fun

| Peter Klein |


A selection of Kleins and Fosses at Gammel Torv in central Copenhagen (another Foss is in the background, hiding behind a lamppost, and the head of Clan Klein is behind the camera). No real reason to post this except to prove that Nicolai and I both smile occasionally. Note to colleagues at home: This is a business trip, I promise.

23 June 2009 at 4:09 am 2 comments

Capitalism’s Challenges: Cycles of Expropriation

| Benito Arruñada |

Following up my previous entry on cycles of statism, I ask next: How important are cycles of expropriation? Consider, for example, how Bolivia has nationalized foreign oil firms every 34 years. In the most recent round, the nationalizing decree read:

Consider that Bolivia was the first country on the Continent to nationalize ts hydrocarbons, in 1937 with  Standard Oil Co, a heroic measure, and done again in 1969 with Gulf Oil, leading the present generation to carry on the third and definitive nationalization. (Supreme Decree 28701, Evo Morales, President, May 2006).

In an experiment with Marco Casari we find similar patterns under more “democratic” circumstances. You may download the paper here.

22 June 2009 at 3:13 pm Leave a comment

Rajshree Agarwal on the US Government’s Response to the Financial Crisis

| Peter Klein |

Nice interview with Rajshree Agarwal on the US government’s response to the financial crisis. “Has It Helped?” Rajshree’s answer in brief: No.

22 June 2009 at 9:51 am 1 comment

Management Journal Impact Factors 2008

| Nicolai Foss |

The new ISI impact factors for 2008 have just been released. There are lots of surprises this time. The biggest one is arguably that Organization Science is now out of the top 10 range, a long drop from its #4 status in 2006 (this sucks when you got two recent papers, one forthcoming and one R&R, at this journal :-( ). The second surprise, at least to me, is that the Journal of Management has made it to #5. One possible explanation is its rather influential yearly review issues. Another surprise is that Organization Studies, which was among the top 10 in 2006, has now moved down a lot to close to #30. The Journal of Management Studies, while not among the top 10 this year, has not been harmed as badly, dropping to #14. ASQ, once the undisputed top-management journal, is now #9. Less surprising is Academy of Management Review’s #1 position (it is usually among the top 3), and that the Strategic Management Journal is #4.

The rank order down to LRP at # 36 is: AMR – AMJ – MIS Q – SMJ – JoM – ORM – JIBS – AMLE – ASQ – OBHD – RP – JPIM – Org. Sci. – JMS – RoB – JoM – JOperationsM – IMA – JMIS – Man Sci -DS – IRS – LQ – Omega – R&D Man – GOM – JIT – Techno. – Org. Stud. – Brit. JoM – Adv. Strat Man. –  HBR – Int Small Bus. J – Int. J. Oper. Prod. M. – Int. J. Man. Rev. – Int. J of Forec. – LRP

A new feature of the list is the inclusion of a five-year impact factor which, given the rather turbulent movements from year to year, makes a lot of sense (and which produces a rather different rank order from the above!).

20 June 2009 at 6:18 am 20 comments

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Our Recent Books

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).
Nicolai J. Foss and Volker Mahnke, eds., Competence, Governance, and Entrepreneurship: Advances in Economic Strategy Research (Oxford, 2000).
Nicolai J. Foss and Paul L. Robertson, eds., Resources, Technology, and Strategy: Explorations in the Resource-based Perspective (Routledge, 2000).