Strategy Research and the Market Process Perspective

Nicolai J. Foss, Volker Mahnke

Publikation: Working paperForskning

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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.
UdgiverDRUID - Danish Research Unit for Industrial Dynamics
Antal sider40
ISBN (Trykt)8778730686
StatusUdgivet - 1998
NavnDRUID Working Paper