Search results for ""Author Peter G. Klein""

While characteristically 'Austrian' themes such as entrepreneurship, economic calculation, tacit knowledge and the temporal structure of capital are clearly relevant to the business firm, Austrian economists have said relatively little about management, organization, and strategy. This innovative book features 12 chapters that all seek to advance the understanding of these issues by drawing on Austrian ideas. Building on existing research in transaction cost economics, agency theory, evolutionary economics and the resource-based theory of the firm, the authors cover a wide range of theoretical and applied topics. These include knowledge management, authority and hierarchy, modularity, corporate restructuring, telecommunications regulation and competitive advantage. They clearly show how Austrian ideas can usefully engage, challenge and extend more mainstream perspectives on economic organization. There are many books on Austrian economics and many more on the theory of the firm, but virtually none that integrate these two bodies of literature. Scholars of Austrian economics and academics interested in strategy, organization and the theory of the firm will draw great value from this insightful book.

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As business struggles to adapt to a rapidly changing world, managers are bombarded with a bewildering array of schemes for how to be a boss and make an organization tick. It's tempting to be seduced by futurist fantasies where every company has the culture of a startup, and where employees in wacky, whimsical office settings, liberated from hierarchies and bosses that oppress them, are the foundation for breakthrough performance."Get real," warn Nicolai J. Foss and Peter G. Klein. These fads ironically lead to micromanaging and, often, to disaster. Companies and societies, they show, need authority and hierarchy to coordinate work, including creative work. And, counterintuitively, Foss and Klein illustrate how the creative use of authority and hierarchy helps companies to be more agile and flexible, enabling educated, motivated people and teams to thrive.And not a moment too soon: Foss and Klein provide evidence that global challenges such as the proliferation of artificial intelligence, economic disruption, empowered knowledge workers, and black swan events such as the pandemic actually make hierarchy and the job of the manager more important than ever.

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`Not too long ago it was possible to be familiar with all of the important works and latest developments in transaction cost economics. That that is no longer the case is a testament to the intellectual appeal and empirical success of the transaction cost approach. For newcomers, the entries in this volume, by some of TCE's most knowledgeable and eloquent contributors, offer an excellent introduction to the issues, methods, discoveries, and debates in the field; for veterans, the volume provides a highly valuable resource for catching on newest research.' - Scott E. Masten, University of Michigan School of Business, US Since its emergence in the 1970s, transaction cost economics (TCE) has become a leading approach in the research on contracts, firm organization and strategy, antitrust, marketing, inter-firm collaboration and entrepreneurship. With contributions by leading scholars in economics, law and business administration - including Oliver E. Williamson, recipient of the 2009 Nobel Prize in economics for his development of the transaction cost approach - this volume reviews the latest developments in TCE and applies them to contemporary theoretical and empirical problems. Beginning with an introductory essay by the editors, the book covers precursors and influences, core concepts, applications, alternatives and critiques. The contributing authors describe, extend and assess the transaction cost approach to economic organization, and examine the role of TCE in the larger legal, economic, and managerial literatures on organizations and institutions. An original and comprehensive volume, the Companion introduces the novice and informs the specialist about TCE's fundamental elements, recent controversies and new developments. An accessible and astute delineation of how transaction cost economics offers important and unique insights into key organizational, managerial and societal issues of our day, the Companion will be of particular interest to practitioners of business law and antitrust, corporate executives and management consultants. Additionally, academic researchers, scholars and students of economics, business and law will find it an invaluable reference.

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