The Theory of the Firm and Its Critics: A Stocktaking and Assessment

Nicolai J. Foss, Peter G. Klein

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Abstract

Ever since its emergence in the 1970s the modern economic or Coasian theory of the firm has been discussed and challenged by sociologists, heterodox economists, management scholars, and other critics. This chapter reviews and assesses these critiques, focusing on behavioral issues (bounded rationality and motivation), process (including path dependence and the selection argument), entrepreneurship, and the challenge from knowledge-based theories of the firm.
Original languageEnglish
Place of PublicationKøbenhavn
PublisherThe Center for Knowledge Governance. Department of Management, Politics and Philosophy, Copenhagen Business School
Number of pages24
ISBN (Print)8791506328
Publication statusPublished - Jan 2005
SeriesCKG Working Paper
Number2/2005

Cite this

Foss, N. J., & Klein, P. G. (2005). The Theory of the Firm and Its Critics: A Stocktaking and Assessment. The Center for Knowledge Governance. Department of Management, Politics and Philosophy, Copenhagen Business School. CKG Working Paper, No. 2/2005