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Austrian and Post-Marshallian EconomicsThe Bridging Work of George Richardson

  • Nicolai J. Foss

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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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
Date of revision:
Handle: RePEc:aal:abbswp:96-4
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  1. O'Brien, D P, 1990. "Marshall's Industrial Analysis," Scottish Journal of Political Economy, Scottish Economic Society, vol. 37(1), pages 61-84, February.
  2. Brian J Loasby, 1994. "Understanding Markets," Working Papers Series 94/4, University of Stirling, Division of Economics.
  3. Foss, Nicolai Juul, 1993. "Theories of the Firm: Contractual and Competence Perspectives," Journal of Evolutionary Economics, Springer, vol. 3(2), pages 127-44, May.
  4. Minkler, Alanson P, 1993. "The Problem with Dispersed Knowledge: Firms in Theory and Practice," Kyklos, Wiley Blackwell, vol. 46(4), pages 569-87.
  5. Holmstrom, Bengt & Milgrom, Paul, 1994. "The Firm as an Incentive System," American Economic Review, American Economic Association, vol. 84(4), pages 972-91, September.
  6. 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.
  7. Vaughn,Karen I., 1994. "Austrian Economics in America," Cambridge Books, Cambridge University Press, number 9780521445528.
  8. Brian J. Loasby, 1989. "The Mind and Method of the Economist," Books, Edward Elgar, number 288, April.
  9. Peter Earl, 2012. "Behavioural Theory," Chapters, in: Handbook on the Economics and Theory of the Firm, chapter 10 Edward Elgar.
  10. 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.
  11. Ghemawat, Pankaj, 1987. "Investment in lumpy capacity," Journal of Economic Behavior & Organization, Elsevier, vol. 8(2), pages 265-277, June.
  12. 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.
  13. Richardson, G B, 1972. "The Organisation of Industry," Economic Journal, Royal Economic Society, vol. 82(327), pages 883-96, September.
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