Heterogeneous Capital , Entrepreneurship , and Economic Organization

  title={Heterogeneous Capital , Entrepreneurship , and Economic Organization},
  author={Kirsten Foss and Nicolai Juul Foss and Peter G. Klein and Sandra K. Klein},
We outline an Austrian approach to economic organization based on the entrepreneur and the Austrian idea of capital as heterogeneous and time-dimensioned, tow themes associated with Israel Kirzner's contributions. We provide a novel interpretation of capital heterogeneity based on the notion of attributes, argue that attributes are costly to measure and that this links directly to the theory of economic organization. In particular, we develop insights in economic organization based on the… CONTINUE READING

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