The Problem of Production: A new theory of the firm by Per L. Bylund

By Per L. Bylund

The speculation of the enterprise has been fertile floor for economists. Bylund proposes a brand new conception, rooted in Austrian economics, which examines the company as part of the marketplace, and never as a free-standing entity. during this built-in view, a thought is available which includes entrepreneurship, creation, industry approach and fiscal improvement.

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Granted, this allows for the approaches to focus primarily or even exclusively on a specific concept or sub-theoretical orientation (such as capital theory or entrepreneurial discovery or judgment) while purporting to – at least indirectly – inquire into the nature of relationships that exist in the market (or, if we wish, between firms and markets). But the approach in effect emphasises trees at the cost of failing to appreciate the extent of – or even see – the forest. But the nature of economics is such that we are unlikely to fully understand the tree, as a phenomenon that arises within an economic or market context, without first considering the tree as embedded within and part of the forest.

While the firm has often been present in different forms of analyses and theorising, it has far less often been subject to scrutiny. Adam Smith famously discusses the division of labour exemplified by work within a pin factory and Karl Marx similarly discusses the use and exploitation of labour within factories, to mention only two noteworthy examples. Yet neither of them ask the fundamental question of why there are firms. This, in fact, is almost exclusively the case for economists and social theorists for all but the last century.

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