The Theory of the Firm and Its Critics

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The Theory of the Firm and Its Critics

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Title: The Theory of the Firm and Its Critics
A Stocktaking and Assessment
Author: Foss, Nicolai J.; Klein, Peter G.
Abstract: Ever since its emergence in the 1970s the modern economic or Coasian theory of the firm has been discussed and challenged by sociologists, heterodox economists, management scholars, and other critics. This chapter reviews and assesses these critiques, focusing on behavioral issues (bounded rationality and motivation), process (including path dependence and the selection argument), entrepreneurship, and the challenge from knowledge-based theories of the firm. JEL Codes: B4, D23, L14, L22
URI: http://hdl.handle.net/10398/7312
Date: 2005-05-02
Notes: Prepared for Jean-Michel Glachant and Eric Brousseau, eds. New Institutional Economics: A Textbook, Cambridge: Cambridge University Press.

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