Do Entrepreneurs Need Firms? A Contribution to a Missing Chapter in Austrian Economics

Do Entrepreneurs Need Firms? A Contribution to a Missing Chapter in Austrian Economics Review of Austrian Economics, 11: 99–109 (1999) ° c 1999 Kluwer Academic Publishers Do Entrepreneurs Need Firms? A Contribution to a Missing Chapter in Austrian Economics ULRICH WITT n popular understanding, firms and entrepreneurs are closely related entities: an entrepreneur without a firm is difficult to imagine, and the fate of a firm usually hinges upon who takes the entrepreneurial lead. Curiously enough, economic theorizing has not taken much interest in the relationship between entrepreneurship and the firm as an organizational form. Theories focussing on the entrepreneurial element in the economy, in particular the contributions in the Austrian tradition, have paid hardly any attention to the role of the firm, while the various theories of the firm have largely disregarded the role of the entrepreneur (see Loasby (1991); an exception is Casson (1982) who, however, deals with the matter in a somewhat eclectic way). The entrepreneur has been a central figure in Austrian economics since Ludwig von Wieser’s teachings at the beginning of the century (Streissler (1982)), a figure which was presented as something like a personification of the forces of change driving the economic process. Schumpeter (1912/1934) stylized Wieser’s view into a theory of entrepreneurial capabilities with elitist http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Do Entrepreneurs Need Firms? A Contribution to a Missing Chapter in Austrian Economics

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Publisher
Springer Journals
Copyright
Copyright © 1999 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1023/A:1007780124524
Publisher site
See Article on Publisher Site

Abstract

Review of Austrian Economics, 11: 99–109 (1999) ° c 1999 Kluwer Academic Publishers Do Entrepreneurs Need Firms? A Contribution to a Missing Chapter in Austrian Economics ULRICH WITT n popular understanding, firms and entrepreneurs are closely related entities: an entrepreneur without a firm is difficult to imagine, and the fate of a firm usually hinges upon who takes the entrepreneurial lead. Curiously enough, economic theorizing has not taken much interest in the relationship between entrepreneurship and the firm as an organizational form. Theories focussing on the entrepreneurial element in the economy, in particular the contributions in the Austrian tradition, have paid hardly any attention to the role of the firm, while the various theories of the firm have largely disregarded the role of the entrepreneur (see Loasby (1991); an exception is Casson (1982) who, however, deals with the matter in a somewhat eclectic way). The entrepreneur has been a central figure in Austrian economics since Ludwig von Wieser’s teachings at the beginning of the century (Streissler (1982)), a figure which was presented as something like a personification of the forces of change driving the economic process. Schumpeter (1912/1934) stylized Wieser’s view into a theory of entrepreneurial capabilities with elitist

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Sep 30, 2004

References

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