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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.

Suggested Citation

  • Nicolai J. Foss, 1996. "Austrian and Post-Marshallian EconomicsThe Bridging Work of George Richardson," DRUID Working Papers 96-4, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  • Handle: RePEc:aal:abbswp:96-4
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    File URL: http://www3.druid.dk/wp/19960004.pdf
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    References listed on IDEAS

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    1. Richardson, G B, 1972. "The Organisation of Industry," Economic Journal, Royal Economic Society, vol. 82(327), pages 883-896, September.
    2. Brian J. Loasby, 1989. "The Mind and Method of the Economist," Books, Edward Elgar Publishing, number 288.
    3. Peter Earl, 2012. "Behavioural Theory," Chapters,in: Handbook on the Economics and Theory of the Firm, chapter 10 Edward Elgar Publishing.
    4. G. B. Richardson, 1965. "The Theory Of Restrictive Trade Practices," Oxford Economic Papers, Oxford University Press, vol. 17(3), pages 432-449.
    5. O'Brien, D P, 1990. "Marshall's Industrial Analysis," Scottish Journal of Political Economy, Scottish Economic Society, vol. 37(1), pages 61-84, February.
    6. G. B. Richardson, 1967. "Price Notification Schemes," Oxford Economic Papers, Oxford University Press, vol. 19(3), pages 359-369.
    7. Minkler, Alanson P, 1993. "The Problem with Dispersed Knowledge: Firms in Theory and Practice," Kyklos, Wiley Blackwell, vol. 46(4), pages 569-587.
    8. Foss, Nicolai Juul, 1993. "Theories of the Firm: Contractual and Competence Perspectives," Journal of Evolutionary Economics, Springer, vol. 3(2), pages 127-144, May.
    9. Foss, Nicolai Juul, 1994. "The Theory of the Firm: The Austrians as Precursors and Critics of Contemporary Theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 7(1), pages 31-65.
    10. Ghemawat, Pankaj, 1987. "Investment in lumpy capacity," Journal of Economic Behavior & Organization, Elsevier, vol. 8(2), pages 265-277, June.
    11. Brian J Loasby, 1994. "Understanding Markets," Working Papers Series 94/4, University of Stirling, Division of Economics.
    12. 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.
    13. Holmstrom, Bengt & Milgrom, Paul, 1994. "The Firm as an Incentive System," American Economic Review, American Economic Association, vol. 84(4), pages 972-991, September.
    14. Vaughn,Karen I., 1994. "Austrian Economics in America," Cambridge Books, Cambridge University Press, number 9780521445528.
    15. Demsetz, Harold, 1988. "The Theory of the Firm Revisited," Journal of Law, Economics, and Organization, Oxford University Press, vol. 4(1), pages 141-161, Spring.
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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.

    More about this item

    Keywords

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

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • D20 - Microeconomics - - Production and Organizations - - - General

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