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Fritz Machlup and Behavioralism

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  • Koppl, Roger

Abstract

This paper is concerned with Fritz Machlup's defense of neoclassical economics against organizational economics and the behavioral theory of the firm. Machlup's objections to organizational economics were narrowly semantic. Properly understood, however, Machlup's methodology has much to offer organizational theory. His position has been mistaken for a form of positivism and as equivalent to Milton Friedman's methodology. In fact, Machlup was a leading methodological subjectivist. Surprisingly, Machlup's version of neoclassical theory is complementary to organizational economics, including behavioralism. Copyright 2000 by Oxford University Press.

Suggested Citation

  • Koppl, Roger, 2000. "Fritz Machlup and Behavioralism," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 9(4), pages 595-622, December.
    • Handle: RePEc:oup:indcch:v:9:y:2000:i:4:p:595-622
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    Cited by:

    1. Loïc Sauce, 2017. "Market process(es) and (un)knowledge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(3), pages 305-321, September.
    2. Richard Langlois, 1995. "Do firms plan?," Constitutional Political Economy, Springer, vol. 6(3), pages 247-261, October.
    3. Nicolai J. Foss & Giampaolo Garzarelli, 2007. "Institutions as knowledge capital: Ludwig M. Lachmann's interpretative institutionalism," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(5), pages 789-804, September.
    4. Roger Koppl & Richard Langlois, 2001. "Organizations and Language Games," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 5(3), pages 287-305, September.
    5. Mie Augier, 1999. "Some Notes on Alfred Schütz and the Austrian School of Economics: Review of Alfred Schütz's Collected Papers, Vol. IV. Edited by H. Wagner, G. Psathas and F. Kersten (1996)," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 11(1), pages 145-162, January.
    6. William Butos & Roger Koppl, 1993. "Hayekian expectations: Theory and empirical applications," Constitutional Political Economy, Springer, vol. 4(3), pages 303-329, September.
    7. Koppl, Roger & Whitman, Douglas Glen, 2004. "Rational-choice hermeneutics," Journal of Economic Behavior & Organization, Elsevier, vol. 55(3), pages 295-317, November.
    8. Otten, J.A., 2008. "Theories on executive pay. A literature overview and critical assessment," MPRA Paper 6969, University Library of Munich, Germany.

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