Suchergebnisse

Each chapter explores the limits and possibilities of effective ethical reasoning in the current political and intellectual climate. This entire volume is driven by the thought that we need to develop an ethical vocabulary that can make critical judgement

AbstractInRisk, Uncertainty and Profit(RUP), Knight (1921) develops a theory of the firm that stresses the important role of entrepreneurial judgment for a firm's success. For Knight, entrepreneurial judgment is first and foremost the selection of 'proxy entrepreneurs' who are capable of making good judgments under uncertainty. In this sense, entrepreneurial judgment is essentially 'judgment of judgment'. An overlooked implication of Knight's position is the fact that it leads to an endorsement of distributed entrepreneurship and responsibility. We deem this a very modern idea that challenges a completely hierarchical understanding of the firm. Knight himself does not thoroughly examine the institutional implications of the analytical framework he sets up in RUP. In this paper, we summarize the 'philosophical vision' of Knight's framework and illustrate his rationale behind the distribution of entrepreneurship. We conclude the paper with a discussion of potential institutional implications by referring to the danger ofmonocultures, the additional value created bycognitively diverse teams, and the effectiveness ofventure capitalists.