This article was originally published at Values and Capitalism.
In recent years, the purported effect of oil speculators in raising the price of oil has sparked much debate and concern. Pundits of various political bents have sought an explanation for the rising price of oil among the activity of speculators, and legislation has recently been…
Recently, a government corporation established as “Federal Prison Industries, Inc” (more commonly known as UNICOR), has gained attention in the public eye. Although UNICOR has been in existence since 1934, I first learned of its existence just last week while watching The Colbert Report. On October 7th, the Huffington Post ran this article criticizing UNICOR…
The way “the economy” is discussed in our modern day has led to widespread misunderstanding about what “the economy” actually is. In the following, I will briefly share what it is, what it is not, and where the conversation about the economy has gone awry.
What it is:
The term “the economy” is used to…
Yes, the title is intentionally provocative. Last night I decided I would read President Obama’s nomination acceptance speech from the DNC. Truth be told, when taken out of context, the President said some things that resonate with the Austrian School of economics. The President rightly evaluated that there is no easy, quick and painless way…
The last subject covered by Nicolai Foss and Peter Klein in Organizing Entrepreneurial Judgment is the internal organization of the firm. Foss and Klein argue that the organization of the firm is critical to how entrepreneurial judgment will be manifested at different levels of the firm. Ownership rights are foundational for this organization to occur.…
In the final chapters of Organizing Entrepreneurial Judgment, Nicolai Foss and Peter Klein set out to theoretically account for the existence, boundaries and internal organization of the firm. They continue to focus on the central role of the entrepreneur in explaining the firm. Chapter seven is the point at which Foss and Klein really begin…
Beginning with chapter six of Organizing Entrepreneurial Judgment, Nicolai Foss and Peter Klein focus on actually making the connection between the theory of the entrepreneur and the theory of the firm. Specifically in chapter six, Foss and Klein dive into existing theories of the firm and the role for the entrepreneur within those theories. While…
In this post, we highlight a few popular level resources for gaining a deeper understanding of the financial crisis and its aftermath.
The Bubble, a documentary examining the financial crisis, will be arriving shortly.
Fraud: Why the Great Recession features Jesus Huerta deSoto and Philip Bagus and is already available.
Learn “real history and economics”…
In chapter 5 of Organizing Entrepreneurial Judgment, Nicolai Foss and Peter Klein articulate the real nature of capital goods. They explain how the treatment of capital goods has varied among different schools of economic thought as well as the implications for the firm and the entrepreneur resulting from differing conceptions of capital goods. Foss and…
Nicolai Foss and Peter Klein give a full overview of judgment in chapter 4 of their book Organizing Entrepreneurial Judgment. Foss and Klein present an overview of the economic literature which treats entrepreneurship as judgment and proceed to flesh out the attributes of judgment. They conclude the chapter by suggesting that investments should be the…
