A Market Process Theory of the Firm

A Market Process Theory of the Firm

The process innovation is to be the implementation of a new or significantly improved production or delivery method. ... Marketing innovation seems to be more promising because it is clearly associated with sales processes, however, ...

Author: Mateusz Machaj

Publisher: Routledge

ISBN: 9781000412840

Category: Business & Economics

Page: 112

View: 913

Neoclassical economics has been criticized from various angles by orthodox schools. The same can be said about its particular branch: the theory of the firm. This book demonstrates how a successful theory of the firm can be presented without flawed notions of a neoclassical framework and used to comprehend actual business history. The author argues that we should start from the assumption that businesses are inevitably imponderable, as that is their nature, in the process of economic evolution. The book offers an in-depth exploration of neoclassical limitations by examining each of the small details associated with the famous MR = MC rule. It follows a step-by-step approach, which starts off with neoclassical assumptions and then moves into more empirically sound theory, based on modeling logic and rooted in real world examples. The author presents a novel discussion on the size of the firm, both in terms of classifying a firm’s expansion and about the factors that limit the size of the firm and argues how formal pricing theory can be built using more indeterminate assumptions about firms. Further, there is a discussion on how firms are rooted in amorphous industries, which helps to explain economic progress better by emphasizing the importance of economic experiments, mistakes and bankruptcies. This is a valuable reference for scholars and researchers who are interested in a range of topics from microeconomics, through pricing theory to industrial organization, history of economic thought and managerial economics.
Categories: Business & Economics

Evolution of the Market Process

Evolution of the Market Process

... Wicksell connection: variations on a theme', in Information and Coordination: Essays in Macroeconomic Theory, New York: Oxford University Press; reprinted in Boettke, P.J. and Prychitko, D.L. (eds) (1998) Market Process Theories ...

Author: Michel Bellet

Publisher: Routledge

ISBN: 9781134373130

Category: Business & Economics

Page: 344

View: 341

This impressive volume centres on the relationship between Austrian and Swedish economics. Exploring themes such as capital theory, expectations, policy, market theory and the history of economic thought, this book makes for an interesting read. It will appeal across a wide range of disciplines within economics as well as the philosophy of social s
Categories: Business & Economics

The Meaning of the Market Process

The Meaning of the Market Process

Market. process. theory: in. defence. of. the. Austrian. middle. ground. DOI: 10.4324/9780203004456-1 The chapters in this book have all, in one way or another, to do with the Austrian view of the market as a systematic process of ...

Author: Israel M Kirzner

Publisher: Routledge

ISBN: 9781134915491

Category: Business & Economics

Page: 260

View: 652

Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This book offers substantive insights in support of this theory and a new historical interpretation of how the ideas of modern Austrians emerged.
Categories: Business & Economics

Austrian Economics Tensions and New Directions

Austrian Economics  Tensions and New Directions

Not all scientific theories are causal process theories. Recall Brian Ellis's suggestion that ... Austrian theory isolates the market process from various “disturbing” influences, most notably from various kinds of state intervention.

Author: Bruce J. Caldwell

Publisher: Springer Science & Business Media

ISBN: 9789401121866

Category: Business & Economics

Page: 283

View: 110

When we first invited the group of distinguished scholars represented here to contribute to a new volume on Austrian economics, four themes were stressed: tensions, new directions, selectivity, and criticism. In this brief introduction we will explain why those themes were emphasized and thereby shed light on our intentions and aspirations for the volume. The subtitle "Tensions and New Directions" indicates clearly the intent of the volume desired. If we take the 1871 publication of Carl Menger's Principles of Economics (Grundsiitze der Volkswirthschaftslehre) as mark ing its birth, the Austrian tradition is now well over one hundred years old. The origins of the so-called "Austrian Revival" are more difficult to pinpoint precisely, but many would accept two decades as a reasonable estimate of its lifespan. In any case, since the mid-1970s several collections of articles written by Austrians have been published. The intent of these collections appeared to be to educate, persuade, and inspire various audiences. Uninformed readers needed to be told about the specifics of the Austrian position, to be shown how it differed from and improved upon its rivals. The initiated needed to be reassured that their commitment to a novel program was justified. As such, much of the recent Austrian literature has consisted either of exegetical accounts of the views of past figures, or of critical assessments of the positions of alternative research programs in economics from an Austrian perspective.
Categories: Business & Economics

Entrepreneurship and the Market Process

Entrepreneurship and the Market Process

Israel Kirzner specifically contributed to market process theory by introducing a theory of entrepreneurship that accounts for the differential alertness and awareness of entrepreneurs. More specifically, in Kirzner's model, ...

Author: Arielle John

Publisher: Springer Nature

ISBN: 9783030424084

Category: Business & Economics

Page: 206

View: 263

What is the significance of entrepreneurship in an economy? Scholars have argued that when the market is viewed as a process of perpetual adjustment to various forces, and not as a set of end-state prices and quantities simply arrived at, the role of the entrepreneur comes to the fore. What then are fruitful ways to conceive of the phenomenon of entrepreneurship? How do entrepreneurs both respond to and shape larger forces in the economy? In what ways can political institutions and government regulation shape the decisions made by entrepreneurs, and their responsiveness to consumers? How does the cultural environment influence the types of opportunities that an entrepreneur will notice and act on? Finally, is entrepreneurial behavior strictly limited to activity we see in the market? This edited volume—comprised of chapters by scholars and students studying from the disciplines of sociology and economics—examines entrepreneurship theoretically and applied to various cases. It provides an overview of the economic literature on entrepreneurship and puts forth a framework for understanding the market process, as well the policy implications of government intervention and cultural considerations in the market. It will be of use to any scholars, students, practitioners or policymakers interested in entrepreneurship.
Categories: Business & Economics

Research in Competence Based Management

Research in Competence Based Management

Offering new goods and services to markets enables a process of acquiring and testing new market knowledge through the conducted transactions – a central element of market process theory (Rese, 2000, p. 117).

Author: Ron Sanchez

Publisher: Emerald Group Publishing

ISBN: 9781848552111

Category: Business & Economics

Page: 360

View: 411

Focuses on a range of fundamental issues in developing competence-base theory and in undertaking competence-based research intended to contribute to management theory development. This work assesses the areas in which restatements or extensions of competence theory may be needed or would be useful.
Categories: Business & Economics

Entrepreneurship and the Market Process

Entrepreneurship and the Market Process

Both the equilibrating and disequilibrating aspects of the actual market process must be included within any ... Thus, the GK vision of the market process is closer in spirit to the Lachmannian version of market process theory than it ...

Author: David A Harper

Publisher: Routledge

ISBN: 9781134791606

Category: Business & Economics

Page: 432

View: 709

Enterpreneurship is central to the market process, and yet most theories of it fail to tackle the problem of how economic agents learn from their experience. This book redresses this by systematically applying the ideas of Karl Popper. It treats the entrepeneur as a theorist who develops conjectures which are then tested by exposure to the market, in an effort to eliminate errors. This is a critical aspect of the development of new ventures, as most entrepeneurial ideas turn out to be mistakes, at least in their original form.
Categories: Business & Economics

Money and Markets

Money and Markets

Concerning the links between value theory and market analysis, it seems useful to compare, even to oppose, ... but rather that value does not play a prominent role in modern market process theories, either classical or neoclassical.

Author: Maria Cristina Marcuzzo

Publisher: Routledge

ISBN: 9781134175048

Category: Business & Economics

Page: 272

View: 761

This book brings together fourteen essays by leading authors in the field of economics to explore the relationship between money and markets throughout economic theory and history, providing readers with the key to understanding fundamental issues in monetary theory and other important debates in contemporary economics. Addressing this popular and topical area in economic discussion and debate an impressive array of contributors, including Meghnad Desai, Charles Goodhart and John Davis examine the theory, policy and history of economics in the USA, Europe and Japan. The subjects covered include: the history of economic thought money and banking monetary economics poverty modern economic history. This volume is essential reading for postdoctoral researchers and historians of economic thought across the globe.
Categories: Business & Economics

Interdisciplinary Studies of the Market Order

Interdisciplinary Studies of the Market Order

New Applications of Market Process Theory Peter J. Boettke, Professor, George Mason University, Christopher J. Coyne, Virgil Henry Storr. of minimizing the costs of doing illegal business—for example, the costs required to evade law ...

Author: Peter J. Boettke, Professor, George Mason University

Publisher: Rowman & Littlefield

ISBN: 9781786602022

Category: Political Science

Page: 302

View: 929

This volume brings together original research from the Austrian, Virginia, and Bloomington schools of political economy to analyse central elements of market process and market order.
Categories: Political Science