The Austrian school of strategy revisited

Mark D. Packard

Chapter 5 in Research Handbook on Austrian Economics in Management and Entrepreneurship, 2025, pp 88-111 from Edward Elgar Publishing

Abstract: Over 30 years have passed since Robert Jacobson introduced the Austrian school of economics to the strategic management discipline. Unfortunately, while his article was cited well enough for some of the more consequential themes developed by the Austrian school, the Austrian school's influence on the strategic management field remains cursory. In this chapter, I take up Jacobson's goal anew and attempt to enlist new interest in and engagement with the Austrian school from among scholars within the strategic management discipline. In this case, I develop a less subtle effort, introducing to strategic management scholars historical, philosophical, and theoretical arguments for a brute paradigm shift away from its predominant postpositivist metatheory and onto subjectivist foundations. The Austrian school offers a compelling landing place for the discipline, with its already developed subjectivist metatheory and theory. I conclude by offering some brief examples of what a subjectivist paradigm would look like for foundational strategic management theories (e.g., transaction cost economics, agency theory, and the resource-based view).

Keywords: Strategic management; Metatheory; Subjectivism; Transaction cost economics; Agency theory; Resource-based view (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035341863
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