The Austrian theory of the firm: Retrospect and prospect |
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Authors: | Richard N. Langlois |
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Affiliation: | 1. The University of Connecticut, Storrs, CT, 06269-1063, USA
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Abstract: | Using as a focusing device the famous arguments of Coase (Economica 4(16), 386–405 1937) and Hayek (The American Economic Review 35(4): 519–530 1945), I sketch in bold strokes what an Austrian theory of the firm would look like. Such a theory would pay serious attention to issues of knowledge, uncertainty, change, and complementarity. I describe a literature in which much of this theory has already been constructed; make connections to closely related literatures in economics and management; and suggest directions for future development. |
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