The limits to designed orders: Authority under “distributed knowledge” conditions |
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Authors: | K Foss Nicolai J Foss |
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Institution: | (1) The Center for Strategic Management and Globalization, Copenhagen Business School, Porcelaenshaven 24, 2000 Federiksberg, Denmark |
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Abstract: | We examine the argument, put forward by modern management writers and, in a somewhat different guise by Austrian economists,
that authority is not a viable mechanism of coordination in the presence of “distributed knowledge” We define authority and
distributed knowledge and argue that authority is compatible with distributed knowledge. Moreover, it is not clear on theoretical
grounds how distributed knowledge impacts on economic organization. An implication is that the Austrian argument that designed
orders are strongly constrained by the Hayekian dispersed knowledge (Hayek, Kirzner, Sautet) is less decisive than it has
usually been taken to be. The positive flipside of this argument is that Austrians confront an exciting research agenda in
theorizing how distributed knowledge impacts economic organization.
JEL Codes B53, L20 |
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Keywords: | Knowledge Designed orders Distributed knowledge |
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