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The Market Process and the Emergence of the Firm Some Indications of Entrepreneurship Under Genuine uncertainty

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  • Jukka Kaisla
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    Abstract

    This paper examines the nature of genuine uncertainty and rule-following behaviour and suggests some implications for the theory of the firm. The firm is seen here as emerging as a means to manage some of the experienced uncertainty. The nature of the firm is perceived as an evolving institution creating predictability both inside the firm and in the market. But because of the spontaneous nature of life-world, social processes remain open-ended. This subjectivist perspective cannot assign any particular premeditated purpose to the spontaneous order which emerges through the market process. The process is not kaleidic but nor is it considered to be moving toward increasing efficiency either. Rules and institutions provide predictability to the extent that novelties can be introduced to the process. Discoveries do not, however, only introduce new outcomes in the market process, they also change the rules of the game.

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    File URL: http://www3.druid.dk/wp/19980017.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 98-17.

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    Date of creation: 1998
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    Handle: RePEc:aal:abbswp:98-17

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

    Related research

    Keywords: Uncertainly; institutions; transaction costs;

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    References

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    15. Bengt-Åke Lundvall & Frank Skov Kristensen, 1997. "Organisational Change, Innovation and Human Resource Development as a Response to Increased Competition," DRUID Working Papers 97-16, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    16. Dieter Ernst, 1998. "Catching-Up, Crisis and Industrial Upgrading. Evolutionary Aspects of Technological Learning in Korea's Electronics Industry," DRUID Working Papers 98-16, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
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    18. Dieter Ernst, 1997. "High-Tech Competition Puzzles. How Globalization Affects Firm Behavior and Market Structure in the Electronics Industry," DRUID Working Papers 97-9, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    19. Marco Valente, 1998. "Technological Competition a Qualitative Product Life Cycle," DRUID Working Papers 98-6, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    20. Dieter Ernst & Bengt-Ake Lundvall, 2000. "Information Technology in the Learning Economy: Challenges for Developing Countries," Economics Study Area Working Papers 08, East-West Center, Economics Study Area.
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