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.…
Tag Archives | entrepreneur
Entrepreneurship and the Economic Theory of the Firm
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…
What are Capital Goods?
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…
What is Entrepreneurial Judgment?
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…
Entrepreneurship: From Opportunity Discovery to Judgment
Chapter three of Nicolai Foss and Peter Klein’s book Organizing Entrepreneurial Judgment: A New Approach to the Firm takes a detailed look at the opportunity discovery view of entrepreneurship put forth by Kirzner (as we discussed in part 2 yesterday) and compares and contrasts it with the views of those in the Austrian School of…
What is Entrepreneurship?
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…
The Need for an Entrepreneurial Theory of the Firm
Throughout the next couple of weeks I will be blogging through the book Organizing Entrepreneurial Judgment: A New Approach to the Firm by Nicolai Foss and Peter Klein. I am hard pressed to think of a more fitting time for this book to be read. The book’s aim is to integrate the study of entrepreneurship…
Deflationphobia!
It seems hardly a day goes by when the financial press fails to warn us about the looming dangers of deflation, despite the fact that the last period of price deflation in the United States was during the mid-1800’s. In fact, the threat of deflation is extremely slight given Bernanke’s well-documented deflationphobia.
This USA Today…
What is Elizabeth Warren Talking About?
“There is nobody in this country who got rich on their own. Nobody. You built a factory out there – good for you. But I want to be clear. You moved your goods to market on roads the rest of us paid for. You hired workers the rest of us paid to educate. You were…
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MIT Economist, Former IMF Chief Engages Ron Paul on Banking and Makes an Interventionist Mistake
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In Praise of Speculators
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Chris A: With due respect Nicholas, I think is has zero int...
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Nicholas Freiling: Chris, What effect do you think economic inter-...
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David: Doesn't the Fed increase the money supply by purc...
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