Organizing entrepreneurial judgment : a new approach to the firm

xii, 299 p

Description based upon print version of record

Cover; Organizing Entrepreneurial Judgment; Title; Copyright; Contents; Figures; Preface; 1: The need for an entrepreneurial theory of the firm; The theory of the firm in economics; Entrepreneurship; Why entrepreneurship and the (theory of the) firm belong together; The firm as the locus of entrepreneurial activity; Advancing the theory of entrepreneurship; Advancing the theory of the firm; The broader management context; An overview of our narrative; Some unfortunate historical legacies; Concepts of entrepreneurship; Organizing the entrepreneurial process

Ownership, the boundaries of the firm, and internal organization2: What is entrepreneurship?; The enigmatic entrepreneur of economic theory; Concepts of entrepreneurship and the firm; Entrepreneurship: occupational, structural, and functional perspectives; Entrepreneurship as small-business management; Entrepreneurship as imagination or creativity; Entrepreneurship as innovation; Entrepreneurship as alertness to opportunities; Entrepreneurship as the ability to adjust; Entrepreneurship as charismatic leadership; Entrepreneurship as judgment

Conclusion: entrepreneurial judgment as a natural complement to the theory of the firm3: Entrepreneurship: from opportunity discovery to judgment; The Austrian school of economics; Menger and the early Austrian school; Wieser and Hayek: the beginnings of the discovery view; Böhm-Bawerk, Mises, and Rothbard; Summary; Kirzner and entrepreneurial alertness; Kirzner's contribution; Debates on the Kirznerian discovery approach; The market versus the "market process"; The entrepreneur as capital owner; Antecedents of opportunity discovery

Kirzner and the management research literature on entrepreneurshipCritiques of the opportunity discovery view; Conclusions; 4: What is judgment?; Knightian uncertainty; Knight on uncertainty; Kindred spirits: Mises, Shackle, Lachmann; Modern mainstream treatments; Judgment: purposeful behavior under uncertainty; Handling uncertainty; Elements of judgment; Methods for meeting uncertainty; Judgment as ultimate decision-making; Judgment, complementary investments, and the unit of analysis in entrepreneurship research; Conclusions; 5: From shmoo to heterogeneous capital

Entrepreneurship and organization in a world of shmoo capitalThe production-function view; Shmoo capital and its implications; Heterogeneous capital in the theory of the firm; Austrian capital theory: an overview; Time and heterogeneity; Capital heterogeneity: an attributes approach; Understanding capital heterogeneity; Endogenous heterogeneity; Heterogeneous capital and ownership; Entrepreneurial judgment in the context of a complex capital structure; Capital as a complex structure; Heterogeneous capital and entrepreneurial judgment; The role of experience

Transaction costs and the direction of entrepreneurial search

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