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UNICOR undercuts economic fairness

By on October 8, 2012 in All Posts, Government
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…
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What is the Economy?

By on October 1, 2012 in All Posts, Economics in Media
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…
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Organizing the Firm

By on September 5, 2012 in All Posts, Economic Theory
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.…
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What are Capital Goods?

By on August 21, 2012 in All Posts, Economic Theory
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…
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What is Entrepreneurial Judgment?

By on August 17, 2012 in All Posts, Economic Theory
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…
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What is Entrepreneurship?

By on August 14, 2012 in All Posts, Economic Theory
Foss and Klein dedicate the second chapter of their book Organizing Entrepreneurial Judgment: A New Approach to the Firm to putting forth the best definition of entrepreneurship. Although entrepreneurship studies is one of the fastest growing fields in colleges and universities around the world, FK argue that there is still much work to be done…
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