"Principle 1. Value is created in production and innovation and realized in exchange.
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Principle 2. Value is appropriated through competitive bargaining and pure bargaining.
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Principle 3. Firms allow stakeholders to create value by offering a governance form to resolve the pure bargaining over the surplus created by team production and team innovation.
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The fundamental insight to emerge from juxtaposing these analyses [Moi ici: De Schumpeter and Knight] is that (Ricardian) rent is a cross-sectional/equilibrium concept that explains payments above opportunity costs that derive from heterogeneity of individual resources, while (Schumpeterian) profit is a dynamic/disequilibrium concept that explains payments above opportunity costs that derive from heterogeneity of resource bundles.
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In Schumpeter's (1934) analysis, profit is possible when the entrepreneur moves the economy away from a prevailing competitive equilibrium by combining resources in a new way. More specifically, entrepreneurship is the act of bringing new combinations to market alternatively referred to as "innovation." If (and only if) the new way of combining resources creates more value than before, this will result in an economic profit: the entrepreneur only needs to pay resource suppliers their opportunity costs and appropriates the residual.
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There are three important things to note about entrepreneurial profit. First, as our simple example demonstrates, it does not require heterogeneous resources. The reason for the entrepreneurial profit is not that there is something special about any of the resources that are used, but that there is something special about the bundle of resources. Second, note that Schumpeter's analysis only holds under conditions of uncertainty (Knight, 1921). Without uncertainty, why would the entrepreneur be able to appropriate the value created by the bundle of resources that she assembles? The assumption is that the entrepreneur, in organizing resources in a new way, only needs to pay resource suppliers their opportunity costs. However, why would the residual between these opportunity costs and the prices paid for the new product not be subject to ex-ante bargaining between the entrepreneur and resource suppliers? In Knight's view, if the residual was generally anticipated, this is exactly what would happen: the economy would adjust its relative prices and the profit opportunity would disappear. Knight's fundamental insight was that entrepreneurial profit can only result when it is not generally anticipated. This insight also leads into the third point about entrepreneurial profit, which is that it is likely to be a temporary phenomenon. This is the case because once the entrepreneur's innovation proves successful, the previous uncertainty is eliminated. In that sense, we can understand successful innovation as revealing new productive knowledge. Unless there are "isolating mechanisms" that prevent the dissemination of this new productive knowledge, the economic system will adapt: imitation will eliminate the entrepreneurial profit. I
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Principle 4. Profit is a disequilibrium phenomenon resulting from heterogeneity of resource bundles.
Principle 5. Rent is an equilibrium phenomenon resulting from heterogeneity of individual resources.
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Principle 6. Economic profit is the result of resource bundles characterized by (1) novelty, (2) unique complementarities, and/or (3) scale advantages.
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Principle 7. Stakeholder payments are the sum of (1) opportunity costs, (2) rent payments, and (3) the outcome of pure bargaining over economic profit."
Como se cria o desquilibrio? Com a inovação. O que é preciso para criar inovação?
Como se deslinda a incerteza? Só pondo a pele em jogo. Desconfiar de teóricos que sabem onde os outros devem pôr o seu dinheiro.
Acerca da incerteza, li há dias uma frase que era mais ou menos: Depressão é olhar para trás. A ansiedade é olhar para a frente. E depois: "Anxiety is the price you pay for your freedom."
Trechos retirados de "Value, rent, and profit: A stakeholder resource-based theory" de J. W. Stoelhorst.
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