By Kenneth. A. Tucker
First released in 1977. Routledge is an imprint of Taylor & Francis, an informa corporation.
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Additional info for Business History: Selected Readings
In this way they achieved a competitive advantage over their rivals and, in the long run, their profits increased beyond their own expectation. In other words, these two firms, by sacrificing maximum profits in the short-run, obtained a greater reward in the long-run. Economic theory may supply a reasonable, if impersonal, explanation of this kind of 'swings and roundabouts' behaviour, but it is the business historian who is more keenly aware of the individual motives and decisions prompting such behaviour.
149-59. 2 Walter Hastings Lyon, Corporation Finance (1912). 3 Arthur H. Cole, 'An Approach to the Study of Entrepreneurship: a Tribute to Edwin F. Gay', Joumal of Economic History, Vol. 6 (1946), Supplement pp. I-IS. 14 BUSINESS HISTORY 4 The first of these conditions has been portrayed in its ever changing features by Thomas C. Cochran in his recent volume, Business in American Life: a History, 1972. The second line of development will presumably be delineated by Alfred D. Chandler, Ir, in a forthcoming volume.
But Dr Supple quite rightly suggests that the writing of business history needs more than the historian's technique. What to the historian may well be unrelated facts in the growth or decline of a ftrm, can be given intelligible interpretation by the economist within a speciftc concept. By such interpretation it is claimed that the raison d' etre of human motives can be given a clearer deftnition; that economic theory, by reason of its methodological exactitude, can be used to give a cutting edge to the historian's tools.
Business History: Selected Readings by Kenneth. A. Tucker