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Heterogeneous Capital, Entrepreneurship, and Economic Organization

Author

Listed:
  • Nicolai Foss
  • Kirsten Foss
  • Peter G. Klein
  • Sandra K. Klein

Abstract

We outline an Austrian approach to economic organization based on the entrepreneur and the Austrian idea of capital as heterogeneous and time-dimensioned, tow themes associated with Israel Kirzner's contributions. We provide a novel interpretation of capital heterogeneity based on the notion of attributes, argue that attributes are costly to measure and that this links directly to the theory of economic organization. In particular, we develop insights in economic organization based on the notion that entrepreneurs will often have to experiment with capital assets to gauge the value of these assets when deployed in production.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Nicolai Foss & Kirsten Foss & Peter G. Klein & Sandra K. Klein, "undated". "Heterogeneous Capital, Entrepreneurship, and Economic Organization," IVS/CBS Working Papers 2002-02, Department of Industrial Economics and Strategy, Copenhagen Business School.
    • Handle: RePEc:ivs:iivswp:02-02
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    Cited by:

    1. is not listed on IDEAS
    2. Saras D. Sarasvathy & Nicholas Dew, 2013. "Without judgment: An empirically-based entrepreneurial theory of the firm," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(3), pages 277-296, September.
    3. Ryan W. Angus & Matthew A. Barlow, 2025. "Organizing transactions between entrepreneurs and human capital resources under Knightian uncertainty," Small Business Economics, Springer, vol. 64(3), pages 1035-1055, March.
    4. Stefan W. Schmitz, 2004. "Uncertainty in the Austrian Theory of Capital," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 17(1), pages 67-85, March.
    5. Richard N. Langlois, 2013. "The Austrian theory of the firm: Retrospect and prospect," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(3), pages 247-258, September.
    6. Nicolai J. Foss & Peter G. Klein, 2004. "Entrepreneurshoip and the Economic Theory of the Firm Any Gains from Trade?," DRUID Working Papers 04-12, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.

    More about this item

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D2 - Microeconomics - - Production and Organizations

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