First Copies of the New Book
Nicolai was in town yesterday to deliver the 2012 Sherlock Hibbs Distinguished Lecture in Economics and Business, and he gave a terrific talk about “open entrepreneurship,” the application of concepts and principles from the open innovation literature to the discovery, evaluation, and exploitation of entrepreneurial opportunities. Upon returning to my office after the lecture, I found a surprise waiting for me: the first hardcopies of our new book, Organizing Entrepreneurial Judgment: A New Approach to the Firm (Cambridge University Press, 2012). As both authors happened to be together, we preserved the moment for posterity.
A brief description and some endorsements are below the fold.
Update: O&M readers can order directly from Cambridge and receive a 20% discount! Use this link.
Entrepreneurship, long neglected by economists and management scholars, has made a dramatic comeback in the last two decades, not only among academic economists and management scholars, but also among policymakers, educators and practitioners. Likewise, the economic theory of the firm, building on Ronald Coase’s (1937) seminal analysis, has become an increasingly important field in economics and management. Despite this resurgence, there is still little connection between the entrepreneurship literature and the literature on the firm, both in academia and in management practice. This book fills this gap by proposing and developing an entrepreneurial theory of the firm that focuses on the connections between entrepreneurship and management. Drawing on insights from Austrian economics, it describes entrepreneurship as judgmental decision made under uncertainty, showing how judgment is the driving force of the market economy and the key to understanding firm performance and organization.
Advance praise: ‘It is about time entrepreneurship came into its own within economics, moving out of the mystical shadows of creative destruction and the magical imagination of the attentive entrepreneur into the more mundane and tractable reality unfolding in our empirical work. The actual content of entrepreneurial judgment has far reaching implications not only for theories of the firm, but more generally for economic organization. In this book, Foss and Klein have turned the corner on research (or lack thereof) into this important topic.’
— Saras Sarasvathy, Isadore Horween Research Associate Professor, The Darden School, University of Virginia
Advance praise: ‘This is a path breaking book. Foss and Klein connect the growing entrepreneurship literature with the rich theories of the organization. It offers important rich and original insights that will undoubtedly revise long held views of entrepreneurship in organizations and how managers make judgments about entrepreneurial initiatives. Well written and grounded in solid research, the book will surely inspire and enrich future scholarship.’
— Shaker A. Zahra, Department Chair, Robert E. Buuck Chair, and Professor of Strategic and Organization, Carlson School of Management, University of Minnesota
Advance praise: ‘Foss and Klein’s book is necessary after decades in which the theory of the firm was either lost in a haze of differential equations going nowhere or obsessed with structural mechanisms relating to divisionalization in large groups. I’ve lost track of the number of so-called economist colleagues for whom “entrepreneur” is a dirty word — mainly I think because they can’t encapsulate it in their maths.’
— Mike Wright, Professor of Entrepreneurship and Director, Centre for Management Buy-out Research Imperial College Business School