Institutions as Knowledge Capital: Ludwig M' Lachmann's Interpretative Institutionalism

Foss, Nicolai J.; Garzarelli, Giampaolo

doi:10.2139/ssrn.982142

Cited by 13 publications

(15 citation statements)

References 62 publications

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“…Still, we can theorize about how institutions affect uncertainty and, therefore, entrepreneurial judgment. By providing structure to the social world, institutions make it easier for decision‐makers to anticipate the future, mitigating the effects of uncertainty (Foss and Garzarelli, ; Lachmann, ). Lachmann (, p. 75) describes an institution as a ‘recurrent pattern of conduct’ that helps individuals plan by making the behaviour of other individuals more predictable.…”

Section: The Context Of Entrepreneurial Judgmentmentioning

confidence: 99%

The Context of Entrepreneurial Judgment: Organizations, Markets, and Institutions

Foss

Klein

Bjørnskov

2019

J Management Studies

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137

157

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The economics and management literatures pay increasing attention to the technological, competitive, and institutional environment for entrepreneurship. However, less is known about how context influences the judgment of entrepreneurs. Focusing on the emerging judgment‐based approach to entrepreneurship, we argue that economics can say much about how the organizational, market, and institutional context shapes entrepreneurial judgment. We describe entrepreneurs as individuals who deploy scarce, heterogeneous resources to service customer preferences at a profit. Because of uncertainty, this process is essentially experimental, and context influences the experimental process. Thus, entrepreneurs will seek to design the internal organization of the firm so that it facilitates internal experimentation. Moreover, the market or task environment determines the need for experimentation (e.g., how fast do consumer preferences change, how does technology evolve, which assets are available at which terms, etc.). Finally, the institutional environment influences, for example, the transaction costs of acquiring and divesting assets as firms adjust their boundaries through ongoing commercial experimentation.

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Section: The Context Of Entrepreneurial Judgmentmentioning

confidence: 99%

The Context of Entrepreneurial Judgment: Organizations, Markets, and Institutions

Foss

Klein

Bjørnskov

2019

J Management Studies

Self Cite

137

157

View full text Add to dashboard Cite

show abstract

“…Although they differ in emphasis and the problems they address, both the capital-theoretic perspective developed in this paper and Demsetz's approach examine how property rights can coalesce into new bundles as economic circumstances change and new opportunities emerge. 3 Other recent literature includes Barnett (2011), Foss and Garzarelli (2007), Kieff (2006) and Merges (2001). the economics of organization on entrepreneurship as a capital-creating force in the economic system and the inattention to how entrepreneurs use legal rules as inputs in production.…”

Section: Discussionmentioning

confidence: 99%

The Evolution of Economic and Innovation Systems

Pyka¹,

Foster²

2015

Economic Complexity and Evolution

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“…Entrepreneur is seen as an external prerequisite for economic dynamics. The natural result here is a perception of the entrepreneur as "an economic person in general" or an «economic superman» ("cognitive superman") (Foss, & Garzarelli, 2006). Understanding the processes of the emergence and reproduction of entrepreneurial subjectivity and diversity of successful entrepreneurial identities is contributed by the concepts formulated within the environmental approach.…”

Section: Background and Methodological Basementioning

confidence: 99%

Entrepreneur`s Trinity and its manifestation under conditions of cognitive capitalism

Baryshev¹

2017

European Proceedings of Social and Behavioural Sciences

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The major function of an entrepreneur gradually commences to be cooperation of owners of unique mental capabilities and creation of sustainable ensembles of the latter instead of a conventional combination of physical resources. Entrepreneur's mental capabilities are simultaneously an intrinsic part of these ensembles and an external force in relation to them. Ascending of entrepreneurial subjectivity as compared to the entrepreneur's status and role as the other two integrants of the triune image of this actor becomes the most salient feature of cognitive capitalism. This paper is intended to determine the source of activity of entrepreneurial subjectivity in intellect-based enterprises. The study is based on the concept of sense-making by K. Weik and the radical subjectivist Austrian economic theory. The authors identify the source of activity of entrepreneurial subjectivity as an ontological oscillation at the level of an abstract individual and as an "interpretive loop" effect -at the level of interactions within the enterprise. Team entrepreneurship is suggested as a way out of the "interpretive loop".

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Institutions as Knowledge Capital: Ludwig M' Lachmann's Interpretative Institutionalism

Cited by 13 publications

References 62 publications

The Context of Entrepreneurial Judgment: Organizations, Markets, and Institutions

The Context of Entrepreneurial Judgment: Organizations, Markets, and Institutions

The Evolution of Economic and Innovation Systems

Entrepreneur`s Trinity and its manifestation under conditions of cognitive capitalism

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