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Industrial and Corporate Change, Volume 9, Number 4, pp. 595-622
© 2000 Oxford University Press

Fritz Machlup and behavioralism

R Koppl

Economics and Finance, Fairleigh Dickinson University, Madison, NJ 07940, USA
E-mail: koppl@alpha.fdu.edu

Abstract

This paper is concerned with Fritz Machlup's defense of neoclassical economics against organizational economics and the behavioral theory of the firm. Machlup's objections to organizational economics were narrowly semantic. Properly understood, however, Machlup's methodology has much to offer organizational theory. His position has been mistaken for a form of positivism and as equivalent to Milton Friedman's methodology. In fact, Machlup was a leading methodological subjectivist. Surprisingly, Machlup's version of neoclassical theory is complementary to organizational economics, including behavioralism.


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