The new issue of Economica features Tomasz Mickiewicz’s thoughtful review of my 2012 book with Nicolai Foss, Organizing Entrepreneurial Judgment: A New Approach to the Firm. Notes Mickiewicz:
[T]he main contribution of this book is to highlight how the various efforts to reach beyond the marginalist equilibrium theory were interrelated, how they differed, and what are their implications for thinking about entrepreneurship. In particular, the authors show how the non-Walrasian economic analysis of property rights, of incentives, of capital heterogeneity and of subjective and dispersed knowledge can feed into a meaningful theory of entrepreneurship, even where it does not consider entrepreneurship explicitly.
Mickiewicz appreciates our attempt to link entrepreneurship to broader theories of economic organization, not only firm boundaries and internal organization, but also economy-wide issues such as the financial crisis:
What impressed me most while reading the book was how seemingly effortlessly the authors move across a breathtaking range of literature, highlighting intellectually stimulating links between apparently unrelated theories. There is something fresh about the book: while the authors come with a standard economics theory background, they also show the limitations of the latter. As an example, one may look at the final chapter, where they highlight how entrepreneurial perspective may illustrate the dangers of the crisis-time policies based on the standard macroeconomics focus on aggregates that neglect issues on misallocation of credit and investment.
He thinks we define entrepreneurship too broadly, wishing instead that we offer more focused suggestions “on new firm formation by owner–managers, and especially formation of new ventures with high growth potential.” Well, wait for the sequel!
