Heterogeneous Capital, Entrepreneurship, and Economic Organization

Kirsten Foss, Nicolai Foss (), Peter Klein and Sandra K. Klein

No 02-01, DRUID Working Papers from DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies

Abstract: We outline an Austrian approach to economic organization based on the entrepreneur and the Austrian idea of capital as heterogeneous and time-dimensioned, tow themes associated with Israel Kirzner's contributions. We provide a novel interpretation of capital heterogeneity based on the notion of attributes, argue that attributes are costly to measure and that this links directly to the theory of economic organization. In particular, we develop insights in economic organization based on the notion that entrepreneurs will often have to experiment with capital assets to gauge the value of these assets when deployed in production.

Keywords: Austrian Economics; capital; knowledge (search for similar items in EconPapers)
JEL-codes: D21 D80 (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Heterogeneous Capital, Entrepreneurship, and Economic Organization (2002)
Working Paper: Heterogeneous Capital, Entrepreneurship, and Economic Organization
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Persistent link: https://EconPapers.repec.org/RePEc:aal:abbswp:02-01

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