Edith T. Penrose: Economist of ‘The Ordinary Business of Life’

Jason M. Pattit, Katherina G. Pattit and J.-C. Spender ()

MPRA Paper from University Library of Munich, Germany

Abstract: When Edith T. Penrose became Fritz Machlup’s student in the late-1940s, she found little in mainstream or Austrian economics to guide her as she began her explorations into the growth of the firm. While she acknowledged Kenneth Boulding’s influence on her work, we suspect she drew on a broader tradition that includes, among others, Alfred Marshall, Frank Knight (Boulding’s teacher), and Ronald Coase. We seek to demonstrate Penrose’s connection to this ‘invisible college’, particularly to Knight, and its influence on her investigation of the growth of the firm. Given mainstream economists’ pursuit of rigor at the expense of practical relevance and their continuing inattention to Coase’s work, we suggest Penrose’s work on the growth of the firm can be understood as part of a broader tradition represented by this ‘invisible college’, lending to useful new insights for business strategy and business ethics scholarship.

Keywords: Edith T. Penrose; Frank Knight; Theory of the Firm; Management History (search for similar items in EconPapers)
JEL-codes: B31 M0 N8 (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-pke
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Working Paper: Edith T. Penrose: Economist of "The Ordinary Business of Life" (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:121229

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