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Book part
Publication date: 1 March 2021

Lucas Casonato and Eduardo Angeli

The chapter aims to enhance the understanding of the development of Kirzner’s theory of entrepreneurship. To do so, elements in Kirzner’s works published up until 1973…

Abstract

The chapter aims to enhance the understanding of the development of Kirzner’s theory of entrepreneurship. To do so, elements in Kirzner’s works published up until 1973 that enclose the central points of this theory are studied. The chapter has four sections, in addition to the introduction and conclusion, that highlight the arguments that relate to Kirzner’s theory of entrepreneurship: (i) before the publication of his 1967 paper that presents the entrepreneurial function in the market process (1960–1967); between the 1967 paper and the publication of his most important book, Competition and Entrepreneurship, in 1973 (1967–1973); (iii) in Kirzner’s latest version of entrepreneurship theory as presented in his 1973 book; and (iv) the evolution of Kirzner’s thinking. The evolution of the author’s thinking regarding equilibrium and the entrepreneur is highlighted by presenting the different stages of his theory of entrepreneurship between 1960 and 1973.

Details

Research in the History of Economic Thought and Methodology: Including a Selection of Papers Presented at the 2019 ALAHPE Conference
Type: Book
ISBN: 978-1-80071-140-2

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Book part
Publication date: 23 July 2016

Peter J. Boettke, Christopher J. Coyne and Patrick Newman

This chapter provides a comprehensive survey of the contributions of the Austrian school of economics, with specific emphasis on post-WWII developments. We provide a brief…

Abstract

This chapter provides a comprehensive survey of the contributions of the Austrian school of economics, with specific emphasis on post-WWII developments. We provide a brief history and overview of the original theorists of the Austrian school in order to set the stage for the subsequent development of their ideas by Ludwig von Mises and F. A. Hayek. In discussing the main ideas of Mises and Hayek, we focus on how their work provided the foundations for the modern Austrian school, which included Ludwig Lachmann, Murray Rothbard and Israel Kirzner. These scholars contributed to the Austrian revival in the 1960s and 1970s, which, in turn, set the stage for the emergence of the contemporary Austrian school in the 1980s. We review the contemporary development of the Austrian school and, in doing so, discuss the tensions, alternative paths, and the promising future of Austrian economics.

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Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78560-960-2

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Book part
Publication date: 1 January 2008

Jörg Freiling, Martin Gersch, Christian Goeke and Ron Sanchez

Using the framework of the philosophy of science, this chapter explores some basic theoretical issues that must be recognized and addressed in developing theory within the…

Abstract

Using the framework of the philosophy of science, this chapter explores some basic theoretical issues that must be recognized and addressed in developing theory within the competence perspective. We first develop an overview of resource-based and competence-based research to highlight some fundamental theoretical issues. We then identify a set of basic assumptions for conducting a research program focused on development of a “competence-based theory of the firm.” Working from these basic assumptions, we argue for a shift in the epistemological aim of competence theory development from explaining market success to explaining firm competitiveness. We explain how such a shift theoretical focus and approach can remedy the problem of circular reasoning often observed in resource-based thinking that tries to contribute to the competence literature.

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A Focused Issue on Fundamental Issues in Competence Theory Development
Type: Book
ISBN: 978-1-84855-210-4

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Article
Publication date: 1 February 2006

Frank Jacob and Michael Ehret

Theories on industrial buying behavior differ fundamentally with regard to motivation and direction of industrial purchasing decisions. This becomes extremely in the case…

Abstract

Purpose

Theories on industrial buying behavior differ fundamentally with regard to motivation and direction of industrial purchasing decisions. This becomes extremely in the case of new institutional economics, highlighting administrative aspects, and market process theory, focusing on entrepreneurial aspects of buying decisions. This paper aims to challenge these approaches by setting up an experimental design. Decisions of sales and purchasing managers were investigated with respect to their motivation of self‐protection or opportunity seeking.

Design/methodology/approach

The contribution is based on an experimental design. The design is based on a prospect theory scenario. Prospect theory states that successful economic agents show a stronger tendency towards self‐protection, whereas under‐performing economic agents are willing to bear greater risks in search for opportunities.

Findings

The results suggest that indeed out‐performers show a tendency to risk avoidance and under‐performers are willing to bear more risks. The most important implication is that new institutional economics‐based approaches to buying behavior are not universally valid. However, they apply to specific situations. In that respect the contribution shows a direction for the proper application of transaction cost‐based concepts.

Practical implications

Managers are advised to take the economic performance of their customer companies into account. Outperforming companies are more responsive to measures for self‐protection. Under‐performing customers may be more tolerant towards risk if it is compensated with the expectation of better opportunities.

Originality/value

The empirical research is new in so far as it is the first to apply a prospect theory framework to a business market environment. The results show clearly that the methodology, as originally applied in prospect theory, needs refinement when transferred to a business market context.

Details

Journal of Business & Industrial Marketing, vol. 21 no. 2
Type: Research Article
ISSN: 0885-8624

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Book part
Publication date: 1 January 2004

Sanford Ikeda

The term “dynamics of interventionism” refers to a social process, i.e., a sequence of adjustments to change over time, among a great many individuals, who largely share a…

Abstract

The term “dynamics of interventionism” refers to a social process, i.e., a sequence of adjustments to change over time, among a great many individuals, who largely share a common set of rules of interaction.1 It is constituted by the unintended consequences at the interface between the governmental and market processes, when the scope of government is either expanding or contracting in relation to the market. Interventionism is the doctrine or system based on the limited use of political means (i.e., legitimized violent aggression (Oppenheimer, 1975[1914])) to address problems identified with laissez-faire capitalism. Thus, an intervention refers to the use of, or the threat of using, political means to influence non-violent actions and exchanges. Supporters of interventionism do not completely reject the institutions of capitalism, such as private property and the price system, but do favor using piecemeal interventions that extend beyond so-called minimal-state capitalism2 in order to combat suspected failures or abuses they associate with the unhampered market. Examples of this would include, but are not limited to, market power, externality, asymmetric information, income inequality, racial and sexual discrimination, and the business cycle.

Details

The Dynamics of Intervention: Regulation and Redistribution in the Mixed Economy
Type: Book
ISBN: 978-0-76231-053-1

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Book part
Publication date: 19 August 2003

William N Butos

The received Austrian theory of entrepreneurship is considered in light of the generation of knowledge. It is suggested that learning involving more than the discovery of…

Abstract

The received Austrian theory of entrepreneurship is considered in light of the generation of knowledge. It is suggested that learning involving more than the discovery of profit opportunities provides a way to endogenize knowledge and to expand the scope of entrepreneurial activity. The theoretical and applied aspects for entrepreneurial studies of this approach are discussed.

Details

Austrian Economics and Entrepreneurial Studies
Type: Book
ISBN: 978-1-84950-226-9

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Article
Publication date: 17 October 2016

Lars-Erik Gadde and Kajsa Hulthén

The purpose of this paper is to analyse how theories evolve within scientific fields: why they receive attention and why they eventually become less attractive.

Abstract

Purpose

The purpose of this paper is to analyse how theories evolve within scientific fields: why they receive attention and why they eventually become less attractive.

Design/methodology/approach

The paper is based on a literature review and focusses on the theoretical structure developed by Wroe Alderson. His contributions were highly appreciated and generally considered as “the” marketing theory. However, in few years his broad perspective was more or less neglected within the field where it was developed. At the same time, Alderson’s basic thinking was adopted by the evolving IMP approach. The specific objective of the study is to analyse why researchers in marketing abandoned Alderson, while IMP adopted many of his ideas.

Findings

The paper illustrates significant aspects of the evolution of theories. First, the paper shows how well-established conceptualisations, like Alderson’s total systems approach, may lose impact when the focus of research shifts. Alderson’s holistic framing was found too broad and all-encompassing to be useful when research attention was directed to specific aspects of marketing management and the socio-behavioural approach to distribution. Second, the paper shows in what respect IMP found support in concepts and models presented by Alderson in the challenging of fragmented mainstream framings of the business landscape.

Originality/value

This paper relates the rise and fall of Alderson’s concepts and frameworks to the evolution of theories of other schools-of-thought. Furthermore, the study shows how Alderson’s ideas were adapted to other research fields than where it was originally developed.

Details

IMP Journal, vol. 10 no. 3
Type: Research Article
ISSN: 2059-1403

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Article
Publication date: 27 January 2012

Shelby D. Hunt

The purpose of this paper is to provide a personal retrospective on six of the key events/experiences that influenced the development of the structure, foundational…

Abstract

Purpose

The purpose of this paper is to provide a personal retrospective on six of the key events/experiences that influenced the development of the structure, foundational premises, and models of the resource‐advantage theory of competition.

Design/methodology/approach

The paper uses a personal retrospective approach.

Findings

The paper finds that six key events influenced the development of resource‐advantage theory: B.J. “Bud” LaLonde emphasizes the works of Alderson; Rob Morgan suggests an article on the resource‐based theory of the firm; Roy Howell suggests a presentation on R‐A theory; Randy Sparks shows a “socialist calculation” article; Kim Boal suggests the Journal of Management Inquiry as a publication outlet; and Bob Phillips discusses his work on “firm effects vs industry effects”. The paper then relates each of the six events to the paths, routes, or procedures that are often proposed as (or reported to be) likely to lead to the development of theories.

Originality/value

By providing the evolutionary history of resource‐advantage theory, the paper provides implications for developing marketing theories.

Details

Journal of Historical Research in Marketing, vol. 4 no. 1
Type: Research Article
ISSN: 1755-750X

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Article
Publication date: 27 August 2019

Roman Konopka, Malcolm John Wright, Mark Avis and Pamela M. Feetham

There are substantive disagreements about whether encouraging deliberative thinking increases consumer preference in low-involvement product categories. The authors draw…

Abstract

Purpose

There are substantive disagreements about whether encouraging deliberative thinking increases consumer preference in low-involvement product categories. The authors draw on dual-process theory to add rare experimental evidence to this debate. They also investigate whether the effect of deliberative thinking increases with familiarity of the stimuli, as different theories of memory yield different predictions on this point. Finally, they provide evidence on whether the effectiveness of the Fairtrade logo arises more from mere exposure or attention to the ethical claim.

Design/methodology/approach

The context for the research is the use of ethical logos in packaged coffee, as this provides a realistic setting for the desired experimental manipulations. The fieldwork consists of two sets of trade-off experiments – rankings based conjoint analysis (n = 360) and best-worst scaling with a balanced incomplete block design (n = 1,628). Deliberative thinking is manipulated in three ways: by varying logos between visual (Type 1 processing) and lexical (Type 2 processing) treatments, by post hoc classification of time taken, and by imposing either time constraints (Type 1) or cognitive load (Type 2) on the completion of the task. Familiarity is manipulated by varying logos between the Fairtrade and a fictional Exchange Ethics logo.

Findings

Consumers do have higher preferences in the deliberative treatment conditions; thinking more results in an 18 per cent increase (Cohen’s d = 0.25) in the preference for choices that display an ethical cobranded logo. Surprisingly, the impact of deliberation is not greater for the more familiar Fairtrade logo than the fictional Exchange Ethics logo. This result is inconsistent with strength-based theories of memory, as these predict that deliberation will have a greater effect for more familiar stimuli. However, it is consistent with newer theories of memory that acknowledge familiarity can lead to activation confusion, reducing retrieval of pre-existing knowledge into working memory. The research also shows that the Fairtrade logo has substantial utility to consumers, and that this is approximately 59 per cent due to the ethical claim and 41 per cent due to the familiarity of the logo.

Research limitations/implications

In field conditions, attempts to manipulate deliberation may not be effective or may simply result in reduced attention. Also, the costs of increasing deliberation may outweigh the benefits obtained.

Practical implications

The research confirms the heuristic value of the Fairtrade logo and shows that the effectiveness of ethical logos may increase with additional deliberation by shoppers.

Originality/value

There is relatively little work in marketing that applies dual-process theories to investigate consumer behaviour. The present study extends the use of dual-process theories in marketing, demonstrates a new method to investigate the effect of deliberation on brand choice and shows how deliberation magnifies the effect of endorsing logos, including unfamiliar logos.

Details

European Journal of Marketing, vol. 53 no. 12
Type: Research Article
ISSN: 0309-0566

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Book part
Publication date: 30 November 2016

Robert L. Axtell

Certain elements of Hayek’s work are prominent precursors to the modern field of complex adaptive systems, including his ideas on spontaneous order, his focus on market

Abstract

Certain elements of Hayek’s work are prominent precursors to the modern field of complex adaptive systems, including his ideas on spontaneous order, his focus on market processes, his contrast between designing and gardening, and his own framing of complex systems. Conceptually, he was well ahead of his time, prescient in his formulation of novel ways to think about economies and societies. Technically, the fact that he did not mathematically formalize most of the notions he developed makes his insights hard to incorporate unambiguously into models. However, because so much of his work is divorced from the simplistic models proffered by early mathematical economics, it stands as fertile ground for complex systems researchers today. I suggest that Austrian economists can create a progressive research program by building models of these Hayekian ideas, and thereby gain traction within the economics profession. Instead of mathematical models the suite of techniques and tools known as agent-based computing seems particularly well-suited to addressing traditional Austrian topics like money, business cycles, coordination, market processes, and so on, while staying faithful to the methodological individualism and bottom-up perspective that underpin the entire school of thought.

Details

Revisiting Hayek’s Political Economy
Type: Book
ISBN: 978-1-78560-988-6

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