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The Austrian theory of the firm: Retrospect and prospect

Richard Langlois ()

The Review of Austrian Economics, 2013, vol. 26, issue 3, No 1, 247-258

Abstract: Abstract Using as a focusing device the famous arguments of Coase (Economica 4(16), 386–405 1937) and Hayek (The American Economic Review 35(4): 519–530 1945), I sketch in bold strokes what an Austrian theory of the firm would look like. Such a theory would pay serious attention to issues of knowledge, uncertainty, change, and complementarity. I describe a literature in which much of this theory has already been constructed; make connections to closely related literatures in economics and management; and suggest directions for future development.

Keywords: Organization; Transaction costs; Capabilities; Vertical integration; Tacit knowledge; Uncertainty (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/s11138-012-0171-y

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