The Organization of Large, Complex Firms: An Austrian View

Frédéric E. Sautet and Nicolai Foss ()

No 99-7, IVS/CBS Working Papers from Department of Industrial Economics and Strategy, Copenhagen Business School

Abstract: We argue that the discovery process perspective, developed in the context of Austrian economics, is helpful for understanding the organization of large complex firms, even though the perspective has traditionally been applied to the analysis of market activities. The stress put in the perspective on genuine uncertainty, dispersed, tacit and subjectively held knowledge, rules, and entrepreneurial alertness to hitherto unnoticed opportunities provides new insights that are not captured by contemporary agency, transaction cost, rent-seeking, etc. models. We illustrate our reasoning by focusing on the case of the M-form corporation.

Keywords: entrepreneurial discovery; the theory of the firm (search for similar items in EconPapers)
JEL-codes: D23 D82 D83 M13 (search for similar items in EconPapers)
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