Organizing Entrepreneurial Judgment
Book description
Entrepreneurship, long neglected by economists and management scholars, has made a dramatic comeback in the last two decades, not only among academic economists and management scholars, but also among policymakers, educators and practitioners. Likewise, the economic theory of the firm, building on Ronald Coase's (1937) seminal analysis, has become an…
Why read it?
1 author picked Organizing Entrepreneurial Judgment as one of their favorite books. Why do they recommend it?
Economists tend to characterize firms as profit maximizers, but the people who manage firms operate in an uncertain environment and the path to profitability is rarely clear.
Firms that suffer losses or go out of business provide evidence on this. Foss and Klein depict those who run firms as entrepreneurs who must use their judgment in the face of uncertainty to direct their firms.
They connect the concepts of management and entrepreneurship more closely than has been done in the past, creating a bridge between the academic literature in economics and management.
From Randall's list on entrepreneurship and economic progress.
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