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"How Property Rights Economics Furthers the Resource-Based View: Resources, Transaction Costs and Entrepreneurial Discovery"

Jongwook Kim and Joseph T. Mahoney


First Author :

Jongwook Kim
Department of Management
Western Washington University, College of Business and Economics
351 Parks Hall
516 High Street
Bellingham, WA 98225

(360) 650-2398

Second Author :

Joseph T. Mahoney
Department of Business Administration
University of Illinois at Urbana-Champaign, College of Business
140C Wohlers Hall, MC 706
1206 South Sixth Street
Champaign, IL 61820

(217) 244-8257

Abstract :
An understanding of Austrian entrepreneurship, in conjunction with property rights, resource-based and transaction costs theory allow us to understand economic rent generation as a dynamic process. The current paper expands Foss and Fossí (2005) application of property rights theory in explaining economic value creation to include not only economizing on transaction costs, but also Austrian entrepreneurial discovery for generating new combinations and adaptive responses for transaction costs economizing, particularly as a basis for managing strategic change.
Keywords :
Austrian entrepreneurship, property rights, resource-based, transaction costs theory
Manuscript Received : 2006
Manuscript Published : 2006
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