Organizing Entrepreneurial Judgment
A New Approach to the Firm

Develops an entrepreneurial theory of the firm that focuses on the connections between entrepreneurship and management.

Nicolai J. Foss (Author), Peter G. Klein (Author)

9780521697262, Cambridge University Press

Paperback, published 1 March 2012

312 pages, 3 b/w illus.
22.8 x 15.2 x 1.4 cm, 0.5 kg

'Organizing Entrepreneurial Judgment is a massive undertaking, and one that ambitiously spans the unnecessary divide between management studies and economics literature. For the scholar seriously contemplating exploiting this gap further, the book is highly recommended.' International Entrepreneurship and Management Journal

Entrepreneurship, long neglected by economists and management scholars, has made a dramatic comeback in the last two decades, not only among academic economists and management scholars, but also among policymakers, educators and practitioners. Likewise, the economic theory of the firm, building on Ronald Coase's (1937) seminal analysis, has become an increasingly important field in economics and management. Despite this resurgence, there is still little connection between the entrepreneurship literature and the literature on the firm, both in academia and in management practice. This book fills this gap by proposing and developing an entrepreneurial theory of the firm that focuses on the connections between entrepreneurship and management. Drawing on insights from Austrian economics, it describes entrepreneurship as judgmental decision made under uncertainty, showing how judgment is the driving force of the market economy and the key to understanding firm performance and organization.

List of figures
Preface
Acknowledgements
1. The need for an entrepreneurial theory of the firm
2. What is entrepreneurship?
3. Entrepreneurship: from opportunity discovery to judgment
4. What is judgment?
5. From shmoo to heterogeneous capital
6. Entrepreneurship and the economic theory of the firm
7. Entrepreneurship and the nature and boundaries of the firm
8. Internal organization: original and derived judgment
9. Concluding discussion
References.

Subject Areas: Organizational theory & behaviour [KJU], International business [KJK], Business strategy [KJC], Economics of industrial organisation [KCD]