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Strategy as economics versus economics as strategy

Richard Langlois ()

Managerial and Decision Economics, 2003, vol. 24, issue 4, 283-290

Abstract: Clearly, strategy and economics differ along one critical dimension: strategy is concerned descriptively with firms and normatively with the tasks of managers, whereas economics is concerned descriptively with the entire economic system and normatively with the efficiency of that system. Nonetheless, the overlap is considerable, and both management scholars and economists have ransacked economic thought for inspirations to strategic theory and managerial practice. This essay will examine and evaluate that enterprise. More interestingly, perhaps, it will suggest that perhaps the process ought to be reversed. Economics as it is now practiced would do well to learn from strategy. Copyright © 2003 John Wiley & Sons, Ltd.

Date: 2003
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DOI: 10.1002/mde.1121

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Handle: RePEc:wly:mgtdec:v:24:y:2003:i:4:p:283-290