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While characteristically 'Austrian' themes such as
entrepreneurship, economic calculation, tacit knowledge and the
temporal structure of capital are clearly relevant to the business
firm, Austrian economists have said relatively little about
management, organization, and strategy. This innovative book
features 12 chapters that all seek to advance the understanding of
these issues by drawing on Austrian ideas. Building on existing
research in transaction cost economics, agency theory, evolutionary
economics and the resource-based theory of the firm, the authors
cover a wide range of theoretical and applied topics. These include
knowledge management, authority and hierarchy, modularity,
corporate restructuring, telecommunications regulation and
competitive advantage. They clearly show how Austrian ideas can
usefully engage, challenge and extend more mainstream perspectives
on economic organization. There are many books on Austrian
economics and many more on the theory of the firm, but virtually
none that integrate these two bodies of literature. Scholars of
Austrian economics and academics interested in strategy,
organization and the theory of the firm will draw great value from
this insightful book.
Series Information: Routledge Advances in Management and Business Studies
As business struggles to adapt to a rapidly changing world,
managers are bombarded with a bewildering array of schemes for how
to be a boss and make an organization tick. It's tempting to be
seduced by futurist fantasies where every company has the culture
of a startup, and where employees in wacky, whimsical office
settings, liberated from hierarchies and bosses that oppress them,
are the foundation for breakthrough performance. "Get real," warn
Nicolai J. Foss and Peter G. Klein. These fads ironically lead to
micromanaging and, often, to disaster. Companies and societies,
they show, need authority and hierarchy to coordinate work,
including creative work. And, counterintuitively, Foss and Klein
illustrate how the creative use of authority and hierarchy helps
companies to be more agile and flexible, enabling educated,
motivated people and teams to thrive. And not a moment too soon:
Foss and Klein provide evidence that global challenges such as the
proliferation of artificial intelligence, economic disruption,
empowered knowledge workers, and black swan events such as the
pandemic actually make hierarchy and the job of the manager more
important than ever.
Resources, Technology and Strategy brings together contributors
from Europe, North America and Asia to consider the strategic
relationship between technology and other resources, such as
production capabilities, marketing prowess, finance and
organisational culture. Throughout the book, these experts take a
critical approach to RBP (Resource-Based Perspective) in order to
assess both its strengths and weaknesses. Case studies also
highlight the importance of both having and not having strong
technological capabilities in settings as diverse as the US
semiconductor industry, small family manufacturing firms in Hong
Kong and state-owned enterprises in China.
This book explores a new theory of the firm produced through an
exchange between management theory and economics. In the process
economics is seen to provide a foundational element for strategy
research whilst developing a more realistic theory of the firm with
a greater emphasis on its internal features. The success of
competence theories of the firm also reflects their ability to
explain significant trends in the business world, notably the
declining importance of conglomerates and critical features in the
success of Asian and Japanese business.
This book explores a new theory of the firm produced through an exchange between management theory and economics. In the process economics is seen to provide a foundational element for strategy research whilst developing a more realistic theory of the firm with a greater emphasis on its internal features. The success of competence theories of the firm also reflects their ability to explain significant trends in the business world, notably the declining importance of conglomerates and critical features in the success of Asian and Japanese business.
Nicolai Foss, the influential European management scholar presents,
in this essential book, sixteen of his most prominent papers.
Written from a new institutional and Austrian economics
perspective, this book focuses on the knowledge-based view of the
firm, economic organization and property rights economics. The
author critically examines notions of routines and capabilities and
calls for the use of micro-foundations in management research. He
illustrates the need for more emphasis to be placed upon managerial
opportunism and other organizational costs, and highlights how
concepts of property rights can inform strategic management.
Accompanied by a lively and accessible introduction, this
informative volume will invigorate strategic management,
organization and international business students and scholars, as
well as economists concerned with organization.
This book develops a property rights approach to firm strategy and
demonstrates how it helps address key challenges in strategic
management research. It shows that the property rights approach
holds important implications both for entrepreneurship and
organizational learning theory. Property rights have direct
implications for strategic management, as control over assets has
an immediate link to the creation and appropriation of economic
value. For a firm to execute a competitive strategy, it must hold
rights to appropriate resources. This book will appeal to scholars
working in the fields of strategic management, organizational
theory and resource allocation. It is an invaluable summary of two
decades of groundbreaking research.
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.
'Microfoundations' has become prominent in the discourse of
management scholars. But what is it and how does it matter? This
Element provides a characterization of microfoundations based on
classical work on the methodology of social science and documents
and discusses its manifestations in management research over the
last one and a half decades. It also covers the relation of
microfoundations to multilevel research, criticisms of
microfoundations, and empirical research strategies for
microfoundations.
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.
The search for competitive advantage serves as the basis for
organizational strategy. This book argues that there are four key
sources of competitive advantage and financial success that have
not been given the attention they deserve. Firstly, that
organizational design and management processes may be strategic
resources in their own right. Secondly, that organizational design
and management processes can be deployed to create new strategic
resources. Thirdly, that managers have begun to think of
organizational design and management processes in a proactive way
rather than seeing them more passively as necessary facilitators of
success. Fourthly, that this new way of looking at organization and
management requires a search for new ways of structuring
organizational design and managerial processes. These points are
driven home through case studies of the Danish firms LEGO Group,
Vestas Wind Systems, Coloplast, Chr. Hansen, IC Companys and NKT
Flexibles.
The search for competitive advantage serves as the basis for
organizational strategy. This book argues that there are four key
sources of competitive advantage and financial success that have
not been given the attention they deserve. Firstly, that
organizational design and management processes may be strategic
resources in their own right. Secondly, that organizational design
and management processes can be deployed to create new strategic
resources. Thirdly, that managers have begun to think of
organizational design and management processes in a proactive way
rather than seeing them more passively as necessary facilitators of
success. Fourthly, that this new way of looking at organization and
management requires a search for new ways of structuring
organizational design and managerial processes. These points are
driven home through case studies of the Danish firms LEGO Group,
Vestas Wind Systems, Coloplast, Chr. Hansen, IC Companys and NKT
Flexibles.
While there are many books on knowledge management, knowledge
governance is a concept that has not been so well explored, and is
much less understood. Knowledge governance refers to choosing
structures and mechanisms that can influence the processes of
sharing and creating knowledge.
The book argues that knowledge governance is a distinct issue in
management and organization because knowledge processes differ on
several dimensions from routine and more traditional processes. The
relationship between governance issues and knowledge processes is
under-researched, theoretically as well as empirically.
Thematically, knowledge governance cuts across fields such as
general management, human resource management, the management of
intellectual capital, innovation theory, strategic management,
technology strategy, and international business. Not surprisingly,
existing ideas are developed from the perspectives of different
fields and from different underlying disciplinary foundations;
however, it often remains unclear how these ideas relate together
and how they differ in terms of unit of analysis, mode of analysis,
underlying logic and assumptions, etc.
This book is an important step towards overcoming the existing
fragmentation in the field by providing a multi-disciplinary
collection of chapters on knowledge governance. While the single
chapters accentuate the pluralism in the field, they all examine
issues that constitute the essence of knowledge governance.
The rise of the knowledge economy has far-reaching implications for
the nature of economic organization as well as firm strategy. Not
surprisingly, thinking in management studies as well as in
economics has been profoundly affected by these changes. Thus,
management thinking in particular has been increasingly
characterized by a schism between those who advocate 'knowledge' or
'capabilities-based' approaches in the strategy and organization
fields and those who adopt more economics-influenced approaches,
notably the economics of organization. This book is a sustained
attempt to overcome this schism. Its basic argument is that
knowledge-based and organizational economics approaches are not
substitutes but complements. In particular, organizational
economics has much to contribute with respect to furthering the
understanding of efficient organization and strategy in the
emerging knowledge economy. This theme is taken through several
theoretical as well as empirical variations. Themes such as the
incentive liabilities of flat, 'knowledge-based' organizations, the
role of complementary HRM practices for fostering knowledge sharing
and creation, and the role of organizational instruments in the
knowledge management activities of the multinational corporate are
extensively treated. The book thus contains important implications
for knowledge management, organizational design, and international
management. The book encompasses nine chapters which critically
examine current thinking on strategy, and organization. The
reasoning is non-technical. While primarily aimed at a management
studies audience, economists and other social scientists will also
benefit from it, including Advanced Students, Academics, and
Researchers.
The rise of the knowledge economy has far-reaching implications for
the nature of economic organization as well as firm strategy. Not
surprisingly, thinking in management studies as well as in
economies has been profoundly affected by these changes. Thus,
management thinking in particular has been increasingly
characterized by a schism between those who advocate 'knowledge' or
'capabilities-based' approaches in the strategy and organization
fields and those who adopt more economies-influenced approaches,
notably the economics of organization. This book is a sustained
attempt to overcome this schism. Its basic argument is that
knowledge-based and organizational economics approaches are not
substitutes but complements. In particular, organizational
economics has much to contribute with respect to furthering the
understanding of efficient organization and strategy in the
emerging knowledge economy. This theme is taken through several
theroretical as well as empirical variations. Themes such as the
incentive liabilities of flat, 'knowledge-based' organizations, the
role of complementary HRM practices for fostering knowledge sharing
and creation, and the role of organizational instruments in the
knowledge management activities of the multinational corporate are
extensively treated. The book thus contains important implications
for knowledge management, organizational design and international
management. The book encompasses nine chapters which critically
examine current thinking on strategy, and organization. The
reasoning is non-technical. While primarily aimed at a management
studies audience, economists and other social scientists will also
benefit from it, including Advanced Students, Academics and
Researchers.
The 'Austrian' tradition is well-known for its definitive
contributions to economics in the twentieth century. However,
Austrian economics also offers an exciting research agenda outside
the traditional boundaries of economics, especially in the
management disciplines. This Element examines how Austrian ideas
play a key role in expanding the understanding of fields like
entrepreneurship, strategy, and organization. It focuses especially
on the vital role that entrepreneurs play in guiding economic
progress by shaping firms and their strategic behavior. In doing
so, it explains a wide range of contributions that Austrian
economics makes to the understanding of key problems in management,
while also highlighting many directions for future work in this
inspiring tradition.
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