Abstract
The theory of the firm, as well as actual business practice, builds on ideas about the market environment in which the firm operates. The intellectual perception of the firm and its market environment seems to have been experiencing more drastic change than the corresponding reality. It is, therefore, necessary to begin the presentation of the firm and its information and control system by properly setting the stage upon which it is supposed to act.
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Notes
See Cohen and Levinthal (1989, 1990) who introduced the related concept of “absorptive capacity”.
Or learning by using (Rosenberg 1982) or learning to learn (Stiglitz 1987b).
Cf. the discussion on scarcity by Hicks (1932, pp. 124 ff) and Salter (1960, pp. 43–44) and the ridiculous assertion by Fama (1980) that the economic theory of the firm needs no awareness neither of the entrepreneur nor the owners. The services of those “agents” can always be hired in the market. Such an argument can only be cooked up on the assumptions of the static classical full-information model.
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© 1996 Kluwer Academic Publishers
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Eliasson, G. (1996). The Economics of Innovation, Coordination, Selection, and Knowledge Transfer. In: Firm Objectives, Controls and Organization. Economics of Science, Technology and Innovation, vol 8. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-1610-4_1
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DOI: https://doi.org/10.1007/978-94-009-1610-4_1
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-7218-2
Online ISBN: 978-94-009-1610-4
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