The Entrepreneurial Theory of the Firm and the Theory of the Entrepreneurial Firm
AbstractThe entrepreneurial theory of the firm argues that entrepreneurship, properly understood, is a crucial but neglected element in explaining the nature and boundaries of the firm. By contrast, the theory of the entrepreneurial firm presumably seeks not to understand the nature and boundaries of 'the firm' in general but rather to understand a particular type of firm: one that is entrepreneurial. This paper is an attempt to reconcile the two. After briefly delving for the concept of entrepreneurship in the work of Schumpeter, Kirzner, and (especially) Knight, the paper makes the case for the entrepreneurial theory of the firm. In such a theory, the firm exists as the solution to a coordination problem in a world of change and uncertainty, including Knightian or structural uncertainty. Copyright Blackwell Publishing Ltd 2007.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Management Studies.
Volume (Year): 44 (2007)
Issue (Month): 7 (November)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2380
Other versions of this item:
- Richard N. Langlois, 2005. "The Entrepreneurial Theory of the Firm and the Theory of the Entrepreneurial Firm," Working papers 2005-27, University of Connecticut, Department of Economics, revised Oct 2005.
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
- M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
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