The Austrian theory of the firm: Retrospect and prospect

Using as a focusing device the famous arguments of Coase (Economica 4(16), 386–405 1937 ) and Hayek (The American Economic Review 35(4): 519–530 1945 ), I sketch in bold strokes what an Austrian theory of the firm would look like. Such a theory would pay serious attention to issues of knowledge, uncertainty, change, and complementarity. I describe a literature in which much of this theory has already been constructed; make connections to closely related literatures in economics and management; and suggest directions for future development.