Best Paper Excerpt I Read Today

8 October 2010 at 8:35 am 6 comments

| Peter Klein |

What I call here an “orthodox” or mainstream Austrian theory of the firm is an attempt to reshape a Coasian notion of the firm as a centrally planned hierarchy, by merging it with general Austrian theory of the market process and entrepreneurship. The principal Austrians of the present (Klein and Foss, 2005, Foss 1994, Langlois and Foss, 1997) developed a theory of the firm by trying to synthesize this Coasian notion of the firm as a hierarchical entity dominated by commands and orders, with a distinct Misesian theory of entrepreneurship and monetary calculation as preconditions of rational economic planning. This approach is entirely rejected in this paper.

Source. I always thought of myself as a Young Turk, but I guess I’m now Old Guard.

Entry filed under: - Klein -, Austrian Economics, Theory of the Firm.

Hail to the Hackers Fire Footnote

6 Comments Add your own

  • 1. Randy  |  8 October 2010 at 10:09 am

    Not just rejected, but ENTIRELY rejected! Utterly, unequivocally, absolutely, categorically, decisively, incontrovertibly, indubitably, manifestly, no-ifs-ands-or-buts rejected.

    This happen often to you, Peter?

  • 2. Peter Klein  |  8 October 2010 at 10:45 am

    Not since high school!

  • 3. Peter Lewin  |  8 October 2010 at 11:32 am

    Who wrote this – is it classified?

  • 4. Peter Klein  |  8 October 2010 at 11:41 am

    Click “Source.”

  • 5. FC  |  9 October 2010 at 1:04 am

    “Principal Austrians of the Present” would be a swell book title.

  • 6. Nicki Brøchner  |  10 October 2010 at 8:42 am

    Uhh that got to hurt, but then again it where bound to happen at one point. So what is next? A rebottle Ohm academic food fight! ;-)

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