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Nicolai J. Foss and Peter G. Klein (eds.) (2002): Entrepreneurship and the firm: Austrian perspectives on economic organization. Edward Elgar, Cheltenham
This book, edited by Nicolai Fos and Peter Klein, is an exploration of Austrian ideas applied to the understanding of economic organization and firm strategy. It covers some of the most interesting and debated issues of applied microeconomics at the present time. This collection of twelve chapters, by scholars experienced in the critical dialogue with mainstream economics, is divided equally among three main issues. The first issue is that of knowledge, the basic notion of modern Austrian teaching. Four chapters elaborate on this key concept in order to explain the existence of the firm as a separate economic category as well as a distinct governance structure. In Brian Loasby’s chapter, the firm is said to be brought into existence because of knowledge incompleteness, ambiguity and dispersion, whereas for Richard Langlois, the nature...