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| Author: | Schneider, D. |
| Title: | Theorie der Evolution der Unternehmung im Wettbewerb |
| Journal: | Zeitschrift für Betriebswirtschaft
2002 : VOL. 72:2, p. 111-118 |
| Index terms: | KNOWLEDGE COMPETITION INSTITUTIONAL ECONOMICS ANALYTICAL REVIEW |
| Language: | ger |
| Abstract: | The article explores three theses by Hayek concerning evolution and competition as a discovery of knowledge. It examines whether the three theses are suited for creating an evolutionary theory of the firm. The first thesis concerns the spontaneous order resulting from individual action, it will help to explain the concept of evolution. The second thesis explains competition as a discovery of knowledge, the third one sees the firm as a planned order of resources to achieve a special structure of entrepreneurial aims. The article shows further that institutional economics is oversimplifying when modeling markets as a spontaneous order in opposition to firms as a hierarchical order. Hence, this approach cannot sufficiently explain the evolution of firms in competition. |
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