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Strategic management and economics


  • Richard P. Rumelt
  • Dan Schendel
  • David J. Teece


This essay examines the relationship between strategic management and economics. It introduces the special issue on this same topic by providing a guide to the eight papers contained in the special issue, and it offers the guest editors viewpoints on the contributions of each discipline to the other. The essay notes the major contribution from economics has been primarily from the industrial organization literature, with promises of important gains to be made from the ‘new’ economics as it breaks away from the neoclassical theory of the firm. Contributions from strategic management to economics are noted. Areas for further research utilizing the relationship between strategic management and economics are also indicated.

Suggested Citation

  • Richard P. Rumelt & Dan Schendel & David J. Teece, 1991. "Strategic management and economics," Strategic Management Journal, Wiley Blackwell, vol. 12(S2), pages 5-29, December.
  • Handle: RePEc:bla:stratm:v:12:y:1991:i:s2:p:5-29
    DOI: 10.1002/smj.4250121003

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    11. 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.
    12. Geoffrey Hodgson, 2002. "The Legal Nature of the Firm and the Myth of the Firm-Market Hybrid," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 9(1), pages 37-60.
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    15. Frohwein, Torsten, 2014. "Grundlagen der Theorie der Firma: Methodologie wissenschaftlicher Theorien," Research Papers on Innovation, Services and Technology 1/2014, University of Stuttgart, Institute of Business Administration, Department I - Institute of Research & Development and Innovation Management.
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