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Austrian and Post-Marshallian EconomicsThe Bridging Work of George Richardson

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  • Nicolai J. Foss

Abstract

Austrian and post-Marshallian economics share a number of concerns, such as a basic subjecticist stance and an emphasis on the importance of inquiry into the disequilibrium market process. This paper details similarities and differences between these two bodies of thought, and argue that a closer liaison is possible. George Richardson's work is presented as a possible bridge, since his work incorporates both Austrian and post-Marshallian elements. The paper ends by sketching a combined Austrian and post-Marshallian approach to the firm.

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File URL: http://www3.druid.dk/wp/19960004.pdf
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Bibliographic Info

Paper provided by DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies in its series DRUID Working Papers with number 96-4.

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Date of creation: 1996
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Handle: RePEc:aal:abbswp:96-4

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Web page: http://www.druid.dk/

Related research

Keywords: Austrian economics; post-Marshallian economics; George Richardson; the theory of the firm;

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References

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  1. Minkler, Alanson P, 1993. "The Problem with Dispersed Knowledge: Firms in Theory and Practice," Kyklos, Wiley Blackwell, vol. 46(4), pages 569-87.
  2. O'Brien, D P, 1990. "Marshall's Industrial Analysis," Scottish Journal of Political Economy, Scottish Economic Society, vol. 37(1), pages 61-84, February.
  3. Holmstrom, Bengt & Milgrom, Paul, 1994. "The Firm as an Incentive System," American Economic Review, American Economic Association, vol. 84(4), pages 972-91, September.
  4. Demsetz, Harold, 1988. "The Theory of the Firm Revisited," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 141-61, Spring.
  5. Nicolai Juul Foss, 1995. "The economic thought of an Austrian Marshallian George Barclay Richardson," Journal of Economic Studies, Emerald Group Publishing, vol. 22(1), pages 23-44, January.
  6. Richardson, G B, 1972. "The Organisation of Industry," Economic Journal, Royal Economic Society, vol. 82(327), pages 883-96, September.
  7. Ghemawat, Pankaj, 1987. "Investment in lumpy capacity," Journal of Economic Behavior & Organization, Elsevier, vol. 8(2), pages 265-277, June.
  8. Brian J Loasby, 1994. "Understanding Markets," Working Papers Series 94/4, University of Stirling, Division of Economics.
  9. Foss, Nicolai Juul, 1993. "Theories of the Firm: Contractual and Competence Perspectives," Journal of Evolutionary Economics, Springer, vol. 3(2), pages 127-44, May.
  10. Foss, Nicolai Juul, 1994. " The Theory of the Firm: The Austrians as Precursors and Critics of Contemporary Theory," The Review of Austrian Economics, Springer, vol. 7(1), pages 31-65.
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Cited by:
  1. Foss, Nicolai J. & Klein, Peter G. & Kor, Yasemin Y. & Mahoney, Joseph T., 2006. "Entrepreneurship, Subjectivism, and the Resource-Based View: Towards a New Synthesis," Working Papers 06-0121, University of Illinois at Urbana-Champaign, College of Business.

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