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Entrepreneurship and the Theory of the Firm

Author

Listed:
  • Mark Casson

    (Department of Economics, University of Reading)

Abstract
Entrepreneurship is a missing component of several leading theories of the firm. Entrepreneurship is key to the growth and survival of firms in a volatile environment, because ent repreneurial judgement is necessary to success in making complex decisions under uncertainty. The addition of entrepreneurship is not a minor refinement of the theory of the firm, but represents a radical change. The paper summarises the principle changes. It suggests that the introduction of entrepreneurship can facilitate the development of an integrated synthetic theory of the firm.

Suggested Citation

  • Mark Casson, 2004. "Entrepreneurship and the Theory of the Firm," Economics Discussion Papers em-dp2004-07, Department of Economics, University of Reading.
    • Handle: RePEc:rdg:emxxdp:em-dp2004-07
    as

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    References listed on IDEAS

    as
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    7. Eliasson, Gunnar & Fölster, Stefan & Lindberg, Thomas & Pousette, Tomas & Taymaz, Erol, 1990. "The Knowledge Based Information Economy," Working Paper Series 256, Research Institute of Industrial Economics.
    8. Amar Bhide, 1990. "Reversing Corporate Diversification," Journal of Applied Corporate Finance, Morgan Stanley, vol. 3(2), pages 70-81, June.
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