• Happy Keynesian New Year

    Updated: 2009-12-29 19:22:54
    | Craig Pirrong | Keynes and Hayek were major adversaries in the 1930s, but it is interesting to note that they shared some important ideas in common, but drew diametrically opposed conclusions from them. In particular, Hayek, and the Austrians generally, believed in radical uncertainty, in the sense that individual economic agents had too little information about [...]

  • Happy Birthday, Ronald!

    Updated: 2009-12-28 19:36:41
    | Peter Klein | Happy Birthday to Ronald Coase, 99 years young today. Live long and prosper! Favorite under-appreciated Coase essay of the day: “Business Organization and the Accountant.” Update: Oops, Mike Sykuta tells me that the birthday is actually tomorrow, 29 December. (I blame the Coase Institute, which sent out a Facebook message on 28 December saying [...]

  • Entrepreneurship and Action

    Updated: 2009-12-27 16:45:13
    | Peter Klein | A few entrepreneurship scholars see action under uncertainty, rather than perception of opportunity, as the essence of the entrepreneurial function. Really, really eminent scholars. Anyway, here’s a little etymological tidbit along these lines from Jesús Huerta de Soto’s book The Austrian School: Market Order and Entrepreneurial Creativity: Indeed both the Spanish word empresa [...]

  • We Feel Your Pain

    Updated: 2009-12-24 14:23:48
    | Peter Klein | From all of us here at O&M, we hope you have the same problem as the guy below (click to enlarge), and we wish you a happy, healthy, and productive 2010! Posted in - Klein -, Ephemera

  • Public Entrepreneurship

    Updated: 2009-12-23 19:49:00
    | Peter Klein | Joe Mahoney, Anita McGahan, Christos Pitelis, and I have written a paper, “Toward a Theory of Public Entrepreneurship,” exploring the application of concepts, theories, and approaches from the entrepreneurship literature to non-market behavior. We argue that governments, government agencies, social enterprises, charitable organizations, and other “public” actors can be described as being [...]

  • Today’s Food and Ag Links

    Updated: 2009-12-22 18:07:46
    | Peter Klein | Via LRC, Jim Rogers and Marc Faber are bullish on commodities and agribusiness. “Rogers says that it will be farmers not bankers driving Ferraris in the coming decades. Faber likens investing in agriculture to investing in oil in 2001 or 2002.” Rogers is good on macro, BTW. The Illinois Department of Agriculture — [...]

  • Granger Causality in Film Studies

    Updated: 2009-12-22 14:41:23
    | Peter Klein | Did Sidney Poitier Granger-cause Denzel Washington? Chris Cagle discusses. Imagine similar questions in management: Did Harold Geneen Granger-cause Jack Welch? Did Schumpeter Granger-cause Nelson and Winter? Who Granger-caused Nicolai Foss? (Answer: he’s sui generis.) Posted in - Klein -, Ephemera

  • A Boxes-and-Arrows Diagram Even the Academy of Management Review Couldn’t Love

    Updated: 2009-12-21 19:45:40
    | Peter Klein | From a stunningly awful slide show (both substantively and aesthetically) on US Afghanistan policy (via Chris Coyne). Posted in - Klein -, Ephemera

  • The Age of Constructivism

    Updated: 2009-12-21 03:25:31
    | Craig Pirrong | I am reading Vernon Smith’s Rationality in Economics. I highly, highly recommend it. Largely a homage to Hayek, it explores the implications of Hayek’s distinction between constructivist rationality and what Smith relabels ecological rationality. It contains a wealth of methodological and substantive insights. Smith is knowledgeable and thoughtful. He is almost John Stuart Mill-like in [...]

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