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Research In Strategy, Economics, and Michael Porter

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  • Nicolai J. Foss

Abstract

This article links up with recent discussions of the strategy/economics nexus. In contrast to most of the proponents and opponents of economics in strategy thinking, a balanced pluralist perspective is adopted. According to this, a discipline should strike a balance between the generation of new theoretical alternatives and the selection among them. Applying this general idea, I argue that the strategy field is too pluralistic, and that the unfortunate consequences of excessive pluralism and eclecticism may be remedied by economics playing a larger role in the conversation of strategy researchers. This does not necessarily mean standard neoclassical economics or new industrial organization economics; evolutionary economics, for example, is a serious contender, too. the evolution of Michael Porter's thinking is used as a case for demonstrating some of the advantages and some of the dangers of economics in the strategy field, and for illustrating points about eclecticism and pluralism. Copyright 1996 Basil Blackwell Ltd.

Suggested Citation

  • Nicolai J. Foss, 1996. "Research In Strategy, Economics, and Michael Porter," Journal of Management Studies, Wiley Blackwell, vol. 33(1), pages 1-24, January.
  • Handle: RePEc:bla:jomstd:v:33:y:1996:i:1:p:1-24
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-6486.1996.tb00796.x
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    References listed on IDEAS

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    1. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, May.
    2. Baumol, William J, 1982. "Contestable Markets: An Uprising in the Theory of Industry Structure," American Economic Review, American Economic Association, vol. 72(1), pages 1-15, March.
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    Cited by:

    1. Twan Huybers & Jeff Bennett, 2003. "Environmental Management and the Competitiveness of Nature-Based Tourism Destinations," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 24(3), pages 213-233, March.
    2. Fernández-Olmos, Marta & Díez-Vial, Isabel, 2013. "Effect of firm’s resources on international diversification: An application in the Iberian Ham industry," European Management Journal, Elsevier, vol. 31(2), pages 196-208.
    3. John Dunning, 2001. "The Eclectic (OLI) Paradigm of International Production: Past, Present and Future," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 8(2), pages 173-190.
    4. Sylvia Maxfield, 2008. "Reconciling Corporate Citizenship and Competitive Strategy: Insights from Economic Theory," Journal of Business Ethics, Springer, vol. 80(2), pages 367-377, June.
    5. Johansson, Magnus & Jonsson, Anna, 2012. "The package logic: A study on value creation and knowledge flows," European Management Journal, Elsevier, vol. 30(6), pages 535-551.
    6. Foss, Nicolai J., 1998. "The resource-based perspective: An assessment and diagnosis of problems," Scandinavian Journal of Management, Elsevier, vol. 14(3), pages 133-149, March.
    7. Subramaniam Ananthram & Cecil Pearson & Samir Chatterjee, 2010. "Do organisational reform measures impact on global mindset intensity of managers?: Empirical evidence from Indian and Chinese service industry managers," Journal of Chinese Economic and Foreign Trade Studies, Emerald Group Publishing, vol. 3(2), pages 146-168, June.
    8. Finch, John H. & Macmillan, Fiona E. & Simpson, Graeme S., 2002. "On the diffusion of probabilistic investment appraisal and decision-making procedures in the UK's upstream oil and gas industry," Research Policy, Elsevier, vol. 31(6), pages 969-988, August.
    9. repec:ags:pdcbeh:95946 is not listed on IDEAS
    10. Eric Lamarque, 1999. "Les activités clés des métiers bancaires: une analyse par la chaîne de valeur," Revue Finance Contrôle Stratégie, revues.org, vol. 2(2), pages 135-158, June.
    11. Dunning, John H., 2000. "The eclectic paradigm as an envelope for economic and business theories of MNE activity," International Business Review, Elsevier, vol. 9(2), pages 163-190, April.
    12. Nicolai J. Foss, 1997. "Equilibrium vs Evolution in the Resource-Based Perspective The Conflicting Legacies of Demsetz and Penrose," DRUID Working Papers 97-10, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.

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