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Abstract:
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We argue that strategizing fundamentally concerns disequilibrium phenomena, such as
discovery, innovation, resource-combination, imagination - in short, entrepreneurship.
Therefore, the understanding of strategizing is likely to be led astray by drawing too heavily
on equilibrium theories. Arguably, the three dominant economic approaches to strategy -
the Porter industry analysis approach, the new industrial organization, and the ressourcebased
approach - are characterized precisely by their strong reliance on equilibrium
methodology. We argue that the market process approach in its Austrian version offers
much inspiration for bringing process issues to bear on strategy issues. |
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