1st Edition

The Problem of Production
A new theory of the firm

ISBN 9781848935297
Published December 17, 2015 by Routledge
186 Pages

USD $175.00

Prices & shipping based on shipping country


Book Description

The theory of the firm has been fertile ground for economists. Bylund proposes a new theory, rooted in Austrian economics, which examines the firm as a part of the market, and not as a free-standing entity. In this integrated view, a theory is offered which incorporates entrepreneurship, production, market process and economic development.

Table of Contents

Introduction 1. What We Know and What We Don’t Know about the Firm 2. The Extent of the Market Process 3. The ‘Specialisation Deadlock’ 4. Entrepreneurship and Integration 5. Authority and Hierarchy 6. The Volatile Character of the Firm 7. Financing, Ownership and Boundaries of the Firm 8 The Firm as a Market Institution 9 The Nature of the Market Process 10 Policy Implications 11 What the Future Holds

View More



Per L. Bylund is Records-Johnston Professor of Free Enterprise and Assistant Professor of Entrepreneurship, School of Entrepreneurship, Oklahoma State University, USA.


"The author succeeds in spotlighting the economic function provided by the firm—in place of the traditional view of starting with the conception of a firm —by first looking at the market and its limitations to production. Consequentially, this theory development adds an interesting twist to the attempts to understand the existence of firms."

- Erik Markin and Vishal Gupta, Organization Management Journal