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Uncertainty, Strategic Decision‐making and the Essence of the Modern Corporation: Extending Cowling and Sugden

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  • Stephen P. Dunn

Abstract

This paper makes a positive contribution to Cowling and Sugden’s recent work on the theory of the firm. We focus on their novel definition of the firm as a ‘means of coordinating production from one centre of strategic decision‐making’. We extend this definition to account for the fact that strategic decision‐makers engaged in the coordination of production operate under conditions of ‘fundamental uncertainty’. The significance of such an extension is that it avoids many of the problems associated with Cowling and Sugden’s framework while reinforcing their main conclusions and providing a technical definition of the concept of strategy.

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  • Stephen P. Dunn, 2001. "Uncertainty, Strategic Decision‐making and the Essence of the Modern Corporation: Extending Cowling and Sugden," Manchester School, University of Manchester, vol. 69(1), pages 31-41, January.
    • Handle: RePEc:bla:manchs:v:69:y:2001:i:1:p:31-41
    DOI: 10.1111/1467-9957.00233
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    Cited by:

    1. Stephen Dunn, 2000. "Fundamental Uncertainty and the Firm in the Long Run," Review of Political Economy, Taylor & Francis Journals, vol. 12(4), pages 419-433.
    2. Stephen P. Dunn, 2012. "John Kenneth Galbraith and the Theory of the Firm," Chapters, in: Michael Dietrich & Jackie Krafft (ed.), Handbook on the Economics and Theory of the Firm, chapter 8, Edward Elgar Publishing.
    3. Stephen Dunn, 2006. "Prolegomena to a Post Keynesian health economics," Review of Social Economy, Taylor & Francis Journals, vol. 64(3), pages 273-299.

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