This paper presents a synthesis between Austrian capital theory and the organizational strategy field within management studies, which applies economic theory to agent behavior in maritime business firms. Hayek's theory of production is placed within the strategy literature and used to motivate...

A vector error-correction model (VECM) of output, consumption, investment, and credit is identified and estimated, employing the Johansen-Juselius (1990) test for cointegration. Because the Austrian school views economic activity as a disequilibrium process, VECM estimates offer an empirical...