Although they have developed very much in isolation from each other, we argue the theory of entrepreneurship and the economic theory of the firm are closely related, and each has much to learn from the other. In particular, the notion of entrepreneurship as judgment associated with Frank Knight...

This paper draws upon a questionnaire survey, conducted 1996 in 1900 Danish Firms, on technical and organisational change. The topics in the survey were among others if firms been through significant organizational change, how the firm had developed its human resources, and what were the motives...

This paper analyses the DISKO survey data on 1,900 firms within the Danish private business sector in terms of an index which classifies the surveyed firms according to smaller and higher degrees of flexibility. The classification reveals a number of important differences between more or less...

Recent work links entrepreneurship to the economic theory of firm using the Knightian concept of entrepreneurship as judgment. When judgment is complementary to other assets, and these assets or their services are traded in well-functioning markets, it makes sense for entrepreneurs to hire labor...

Over the last two decades the resource-based view (“RBV”) has become dominant in the strategic management field. It has often been observed that the RBV is lacking in the dynamic dimension. For example, processes of building competitive advantages by means of combining existing complementary...

The evolutionary model presented in this paper depicts an industrial sector with a varying degree of economic roundaboutness, i.e. vertical division of labour between producers and users of different types of intermediate products that are ultimately used for the production of a single final...

The report deals with the reconstruction and further development of the models of industrial dynamics developed by Nelson and Winter and summarised in their famous 1982-book. The basic idea underlying the Nelson and Winter models is that a verbal account of Schumpeterian competition can...

The role of transaction cost economics in developing research in strategy has been a hotly debated topic over the last decade. This paper presents the radical argument that transaction cost insights are more than merely useful complements to existing approaches to strategy. Rather, they are...

This explorative paper argues that the central problem of economic organization is adaptation to unforeseen contingencies. However, flexibility is a rather neglected issue in the theory of economic organization. This contrasts with much organization theory, in which the seeking and processing of...

This paper develops a property rights-based view of strategy (the “PRV”). A property right (or economic right) is an individual’s net valuation, in expected terms, of the ability to directly consume the services of an asset (including, e.g., a monopoly position) or consume it indirectly...