Market share erosion and dethronement of market leaders are examined through the lens of “Austrian” economics. Our results suggest that leaders are more likely to experience market share erosion and/or dethronement when—relative to industry challengers—they are less competitively aggressive, carry out simpler repertoires of actions, and carry out competitive actions more slowly. These findings, based on seven years of data collected in 41 industries, contribute to research on hypercompetition, organizational decline, and competitive dynamics.

The Role of Competitive Action in Market Share Erosion and Industry Dethronement: A Study of Industry Leaders and Challengers

We review and develop a subjectivist theory of entrepreneurship that focuses on individuals, their knowledge, resources and skills, and the processes of discovery and creativity, which constitute the heart of entrepreneurship. First, we establish the fundamental importance of subjectivity in entrepreneurial discovery and creativity. Second, we build on Penrose (1959) to elaborate how entrepreneurs' perceptions and personal knowledge shape a firm's subjective productive opportunity set. Third, we explain that entrepreneurial perceptions and knowledge partly originate from entrepreneurs' experiences in specific business settings such as the firm, the management team, and the industry. Fourth, we highlight the causal connections between subjectivity in entrepreneurship and observed heterogeneity in firm-level economic performance. Lastly, we suggest directions for further advancing a subjectivist resource-based approach to future entrepreneurship research.

/pdf/resources-capabilities-and-entrepreneurial-perceptions-53x5quprx0.pdf

Resources, Capabilities and Entrepreneurial Perceptions*

Part I Classic Discussions: 1 On the definition and method of political economy John Stuart Mill 2 Objectivity and understanding in economics Max Weber 3 The nature and significance of economic science Lionel Robbins 4 Economics and human action Frank Knight 5 Philosophical foundations of economics: three texts Karl Marx 6 The limitations of marginal utility Thorstein Veblen Part II Positivist and Popperian Views: 7 The methodology of positive economics Milton Friedman 8 Testability and approximation Herbert Simon 9 Why look under the hood? Daniel M Hausman 10 Popper and Lakatos in economic methodology D Wade Hands Part III Ideology and Normative Economics: 11 Science and ideology Joseph Schumpeter 12 Welfare propositions of economics and interpersonal comparisons of utility Nicholas Kaldor 13 The philosophical foundations of mainstream normative economics Daniel M Hausman and Michael S McPherson 14 Why is cost-benefit analysis so controversial? Robert Frank 15 Capability and well-being Amartya Sen Part IV Branches and Schools of Economics and their Methodological Problems: 16 Econometrics as observation: the Lucas critique and the nature of econometric inference Kevin Hoover 17 Does macroeconomics need microfoundations? Kevin Hoover 18 Economics in the laboratory Vernon Smith 19 Neuroeconomics: using neuroscience to make economic predictions Colin F Camerer 20 The market as a creative process James M Buchanan and Viktor J Vanberg 21 What is the essence of institutional economics? Geoffrey Hodgson Part V New Directions in Economic Methodology: 22 The rhetoric of this economics Deirdre McCloskey 23 Realism Uskali Maki 24 What has realism got to do with it? Tony Lawson 25 Feminism and economics Julie Nelson 26 Credible worlds: the status of theoretical models in economics Robert Sugden

The Philosophy of Economics: An Anthology

1. Introduction 2. The Theory of Entrepreneurial Discovery 3. Psychological Determinants of Entrepreneurial Alertness 4. Institutions I: Rule of Law, Property and Contract 5. Institutions II: Money, Political and Legal Decentralisation and Freedom 6. Cultures and Alertness 7. The Market-Process Approach to Public Policy 8. Empirical Testing and Conceptual Development 9. Concluding Remarks

Foundations of Entrepreneurship and Economic Development

Despite more than four decades of efforts to integrate the two fields, the place of land-use models in planning remains problematic. The expanding possibilities afforded by today's planning support systems (PSS) invite a rethinking of the relationship between land-use models and planning in the context of new approaches, tools, and techniques that can amplify the positive synergies between the two domains and enhance the ability of spatial planning to prepare for the future. This paper addresses one vitally important area in which the contribution of models to planning practice could be greatly improved. This is the neglected area of strategic planning, which is inextricably linked with the future-oriented mission of the field. The paper begins with an examination of the continuing tensions between modeling and planning, tensions that need to be reconsidered in light of the growing sophistication of land-use models intended for use in a planning context. It then outlines three interrelated roles for land-...

“Where has the Future Gone?” Rethinking the Role of Integrated Land-Use Models in Spatial Planning

The Economics of Time and Ignorance is one of the seminal works in modern Austrian economics. Its treatment of historical time and of uncertainty helped set the agenda for the remarkable revival of work in the Austrian tradition which has led to an ever wider interest in the once heretical ideas of Austrian economics. It is here reprinted with a substantial new introductory essay, outlining the major developments in the area since its original publication a decade ago.

The Economics of Time and Ignorance

The Theory of Free Banking: Money Supply under Competitive Note Issue@@@The Evolution of Central Banks

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The Economics of Time and Ignorance

The Theory of Free Banking: Money Supply under Competitive Note Issue@@@The Evolution of Central Banks