Firms, Governments, and Economic Change: An Entrepreneurial Perspective
'This very clearly written book is written foremost for an academic and postgraduate audience, although undergraduate students would be likely to find much of the book readable, particularly the empirical observations and chapters.' - Caroline Elliott, Business History 'This is an entrepreneurial book, not just a book about entrepreneurship. As chapter 1 points out, entrepreneurship involves seeing the world in a new way, a way that is slightly different to how other people see it. and that is what Tony Yu does in this book. He sees the theory of the firm - and of business institutions more generally - in a new and potentially revealing light.' - from the preface by Richard N. Langlois This topical book interprets firms, governments and economic change from an entrepreneurial perspective. Essentially, it applies the Austrian theory of human agency and evolutionary theories of the firm to explain economic organisation, the state and institutional change. Tony Yu begins by discussing the nature of entrepreneurship and the firm followed by an analysis of the role of entrepreneurship in economic change. He thoroughly analyses the process of economic development in late industrialisers, within an entrepreneurial framework outlined within the book. the author argues that ordinary and extraordinary discovery are associated with routine or imitative entrepreneurship and Schumpetarian entrepreneurship respectively. Using this classification, the author shows how it is the interaction of various types of entrepreneurial activities that transformed East Asian latecomers such as Japan, Taiwan, South Korea, Singapore and Hong Kong from traditional agrarian and fishing economies into international centres of trading, service industries and finance.
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Entrepreneurial Alertness and Discovery
A Praxeological Theory of the Firm
The Chinese Family Firm and Guerrilla Entrepreneurship
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activities actors adaptive response alertness and discovery analysis argues argument Asian newly industrialising Asian NIEs Austrian Economics Austrian School Austrian theory capabilities capabilities approach capital combinations capital resources capital structure chapter Cheung Chinese family business Chinese family firms competitive advantage concept coordination created deBono dynamic East Asian economic development economists entrepreneurial alertness entrepreneurial discovery entrepreneurial intervention entrepreneurship environment existing external extraordinary discovery Foss government intervention growth Hayek Hence Hong Kong human action human agents imitative individual Industrialisation institutional change interpretation framework investment Kirzner Lachmann Langlois and Robertson latecomer economies learning manufacturing Mises neoclassical neoclassical economics networks organisational overseas Chinese paradigm Penrose plans printed circuit boards problems production profit opportunities rent-seeking role of entrepreneurship Schumpeter Schumpeter's Schumpeterian innovation Schutz sector Singapore social South Korea stock of knowledge strategies subcontracting subjectivist Taiwan technologies transaction costs uncertainty vertical integration VTech Wade World Bank X-Efficiency