The capitalist and the entrepreneur : essays on by Peter G Klein; Ludwig Von Mises Institute
By Peter G Klein; Ludwig Von Mises Institute
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Additional resources for The capitalist and the entrepreneur : essays on organizations and markets
A related issue that has received considerable attention, however, is the diﬃculty of allocating overhead or ﬁxed cost across divisions. 15 Firms with high overhead costs should thus be at a disadvantage relative to ﬁrms able to allocate costs more precisely between business units. Indeed, in the literature on cost accounting there has been some recent interest in “market simulation accounting” (Staubus, 1986), by which ﬁrms try to assess the price at which an asset would trade in an active market, based on observed market prices and related information.
To compute divisional proﬁts and losses, the ﬁrm needs an economically meaningful transfer price for all internally transferred goods and services. If there is an external market for the component, the ﬁrm can use that market 34 price as the transfer price. Without a market price, however, the transfer price must be estimated, either on a cost-plus basis or by bargaining between the buying and selling divisions (Gabor, 1984; Eccles and White, 1988; King, 1994).
E business of the entrepreneur is not merely to experiment with new technological methods, but to select from the multitude of technologically feasible methods those which are best ﬁt to supply the public in the cheapest way with the things they are asking for most urgently” (Mises, 1951, p. 110). To make this selection, the entrepreneur must be able to weigh the costs and expected beneﬁts of various courses of action. As discussed in the previous chapter, the need for economic calculation places ultimate limits on the size of the organization.