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early economic thinkers and classic works such as Cantillon (1755),
Knight (1921), and Kirzner (1973). The paper opens by explaining
how uncertainty and thus entrepreneurship disappeared from
microeconomic theory as it became increasingly formalized (and
stylized). It then goes on to bring the entrepreneur and
entrepreneurial decision-making back into economic theory by
focusing on the interrelationships among actors, knowledge, and
perceived economic opportunities using a resource-based framework.
The third paper in this section (Chapter 4) is by Foss and Klein,
"Entrepreneurship and the Economic Theory of the Firm: Any Gains
from Trade?" Foss and Klein strongly link theories of the firm to
entrepreneurship, arguing a fundamental and intrinsic connection
between the two. They, like Mahoney and Michael, explain how
entrepreneurship became less important in economic models as the
general equilibrium model became dominant. Foss and Klein ask: Does
the entrepreneur need a firm? They focus on the judgment of the
entrepreneur and suggest that this judgment is exercised through
asset ownership and starting a firm. Foss and Klein further argue
that it is through this notion of judgment that heterogeneous
assets combine to meet future wants.
early economic thinkers and classic works such as Cantillon (1755),
Knight (1921), and Kirzner (1973). The paper opens by explaining
how uncertainty and thus entrepreneurship disappeared from
microeconomic theory as it became increasingly formalized (and
stylized). It then goes on to bring the entrepreneur and
entrepreneurial decision-making back into economic theory by
focusing on the interrelationships among actors, knowledge, and
perceived economic opportunities using a resource-based framework.
The third paper in this section (Chapter 4) is by Foss and Klein,
"Entrepreneurship and the Economic Theory of the Firm: Any Gains
from Trade?" Foss and Klein strongly link theories of the firm to
entrepreneurship, arguing a fundamental and intrinsic connection
between the two. They, like Mahoney and Michael, explain how
entrepreneurship became less important in economic models as the
general equilibrium model became dominant. Foss and Klein ask: Does
the entrepreneur need a firm? They focus on the judgment of the
entrepreneur and suggest that this judgment is exercised through
asset ownership and starting a firm. Foss and Klein further argue
that it is through this notion of judgment that heterogeneous
assets combine to meet future wants.
As we move into the 21st century, the world seems a smaller place -
transportation costs continue to fall, fiber optic networks speed
information around the planet, and corporations operate on a global
scale. One might reasonably ask whether location really matters
anymore. Despite these trends - perhaps because of them - the last
few years have witnessed a rapid rise in interest in "place" and
"space" across the social sciences. While the importance of
distance declines, strategic interest in location appears greater
than ever. This volume draws together researchers from a variety of
disciplines - economics, geography, marketing, organizational
behavior, sociology, and urban planning - working at the forefront
of this wave to explore some of the important ways in which
location matters for firms in the 21st century.
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