The Problem of Production (Routledge Advances in Heterodox Economics) 1st Edition
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"The author succeeds in spotlighting the economic function provided by the firm―in place of the traditional view of starting with the conception of a firm ―by first looking at the market and its limitations to production. Consequentially, this theory development adds an interesting twist to the attempts to understand the existence of firms."
- Erik Markin and Vishal Gupta, Organization Management Journal
About the Author
Per L. Bylund is Records-Johnston Professor of Free Enterprise and Assistant Professor of Entrepreneurship, School of Entrepreneurship, Oklahoma State University, USA.
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Prof Per Bylund starts with an investigation into why the firm is needed - what role does it play in a market structure and process defined in Austrian terms? He arrives at a brilliant insight: the firm is initiated to create a new innovation in the production process for which there is no market. The firm is, initially, an entity that, necessarily, operates outside the market, because there are no factor prices for labor or capital that it employs in an innovative way, and no market for its output.
Prof Bylund further investigates the implications of the theory. How is the firm capitalized? How does it eventually integrate with the market? As a result, he fully integrates the theory of the firm into Austrian market theory, and adds significant refinements to both Kirznerian and Schumpeterian theories of entrepreneurship.
Read this book to observe a leading Austrian theorist at work, and to reinforce your confidence about the current and future state of Austrian economics.