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Why look for a mirage when you already have an oasis?
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The theoretical elegance of economic theory in general has inspired many strategic management researchers to examine the possibilities of building theories of competitive strategy by applying economic principles to competitive decisions. In this paper, we argue that the integration of economic perspective is not feasible. Also, we argue that the theories built on strategic management perspectives are superior to those built on economic theory and hence we should not worry about integrating these two competing perspectives. We also point to the issues raised by these attempts at integration and point out the difficulties involved. Our arguments are supported by other researchers who have attempted to reconcile differences in various economic traditions. Hence, we ask why we should search for a mirage (though one might imagine it to be an oasis) while we are already at an oasis!
|Keywords:||Economic theory; strategic management; competitive advantage; management theory|
|Journal or Publication Title:||Managerial and Decision Economics|
|Page Range:||pp. 325-334|
|Identification Number - DOI:||10.1002/mde.1118|
Definitive version available online at http://www.interscience.wiley.com
|Date Deposited:||26 Jul 2007|
|Last Modified:||18 Nov 2014 03:19|
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