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Kirznerian Entrepreneurship and The Nature of The Firm

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  • Langlois Richard N.

    (University of Connecticut)

Abstract

The paper argues that Israel Kirzner's theory of entrepreneurship has been influential on a number of related "dynamic" theories of organization. Kirzner's theory is animated by a dual concern - the process (rather than the result) of rentseeking behavior and the fundamental incompletness (rather than the mere asymmetric structure) of knowledge. Placed in a technological and institutional context, this theory points to the importance of dynamic transaction costs: the coordination costs of acting upon an innovative rent-seeking opportunity. In some contexts, this kind of cost can explain vertical integration; in other contexts, it can explain the reverse phenomenon: vertical disintegration.Cet article soutient que la théorie de l'entrepreneur d'Israel Kirzner a influencé un grand nombre de théories dynamiques de l'organisation. La théorie kirznerienne est animée par un objectif double : - le processus (plus que le résultat) de comportement de recherche de rente et l'incomplétude fondamentale (plus que la simple structure asymétrique) de la connaissance. Replacée dans un contexte technologique et institutionnel, cette théorie souligne l'importance des coûts de transaction dynamiques : les coûts de transaction liés à une opportunité dans la recherche de rente innovante. Dans certaines situations, cette catégorie de coûts peut expliquer l'intégration verticale ; dans d'autres, elle peut expliquer le phénomène inverse : la désintégration verticale.

Suggested Citation

  • Langlois Richard N., 2002. "Kirznerian Entrepreneurship and The Nature of The Firm," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 12(1), pages 1-11, March.
    • Handle: RePEc:bpj:jeehcn:v:12:y:2002:i:1:n:8
    DOI: 10.2202/1145-6396.1050
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    References listed on IDEAS

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    1. Richard N. Langlois, 2003. "The vanishing hand: the changing dynamics of industrial capitalism," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 12(2), pages 351-385, April.
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    Cited by:

    1. Jürgen Wandel, 2011. "Business groups and competition in post-Soviet transition economies: The case of Russian “agroholdings”," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(4), pages 403-450, December.
    2. Saras D. Sarasvathy & Nicholas Dew, 2013. "Without judgment: An empirically-based entrepreneurial theory of the firm," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(3), pages 277-296, September.

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