Strategic Management and Economics

Strategic Manageinenit and Economics 27
results from inniovative milaniagerial choice aind stl'lctLlle a!1d ecoInomic performance: A test of
actioin not easily duplicated. About such miatters
the new economics cited aind discussed here,
both in the papers, aind this essay, are just
beginniniig to have somethinig to say. However.
the flL.ltidivisionlal hylpotliesis. Blell Jolurnarzl ol
[E'conomics, 9. Siri-inig 1978, pp. 106-122.
Barney J. B. Strate-ic factor markets: Expectations.
ILcIk, andI buLSilless Strategy', Maniagemenit Science,c
32, Octobeir 1986. pp. 12'31-12 41.
in this new aind complex realm, economilics will Bigg.adike, I. E. Corporate Diversification: Entry,
be only one of the logical systemlls ill use. Where
organizational relationships turni oni exchainge
and oni individuLal incenitives, various economic
approaches will have much to say. Where the
Stagy, and Pcr ,f)ro ance, Division of Research,
I larvard Businiess Sclhool. 1979.
Bostoni ConSuLltillg (I ro1LIp. PS)cspCCti1'es oil Expericice
Bostoni ConIsultilng (Gr1oup). Bostoni, MA, 1968, 1970.
BoUldCing, W. aInI IR. Staelin. En'viiviiilenit, market
coordiniationi aind accumulaltioni of knowledge is
key, aind where patterns of belief aind attitude
are importanit, other disciplines will have more
to say.
share, and rnarket power', Maniagemiient Science,
10. 1990 ppI. 1160-1 177.
BuLckley, P. J. and Ml. (Casson. 17w Future ol' the
Mliitid(ttioatiol Enterprise, Macmillan, New 'York,
1976.
Along with the interinal turin taken by research, Caves, IR. E. and M. E. Porter. Fromil entiry barriers
comes increasing concerin over dyniamic expla- to m11obility balrrier's: C'onjecCtuIral dIcCisiols nid
niationi. Gaime-theory brinigs a fanaitical attentioni
to sequenices of action aind reaction, histor-y
provides stories of chalilenige aind riesponse,
ininovationi is inherenitly dynaimiic, aind so aire the
contrived dletereniice to niew comillpetitioni', Ql,ar,terlv
Joliril(l o( Ehconomics, 91, M.y 1977, ppi. 241-261.
Chandler, A. D., Jr. Strategy (IIId Structure. The MIT
Press, Cambridge, MA, 1962.
Chandler, A. D., Jr. Scale andi(l Scope. 1The iD)vnamics
processes whereby skillful mainaigers make sense
of anid respond to ain evolving environimenit. In
the more practice-oriented side of the field there
is great interest in time-based competition aind
in the interplay betweeni product-miairket striategy
0] Industrial Capitalism, I arvard l Unliversity Pr ess.
Canibridtg. MA, 1990.
Coase, R. H I. The nature of the fiii.il', [Economiica, 4,
1937. pp. 386--406.
Conniier. K. R. 'A historical comparison of r'esouIrcebased
theory and fiVCe scIhools of thought Within
anid the developmenit of organizational capabili- ilnIustriLl oirganization ecollomilics: Do we have a
iew
ties.
tlheory of the firnm?' Journal ol' Alunagement,
17, 199'1, pp 1. 1 51-54.
More importanit thain these trends in subject Demilsetz, I I Il(iLstl y sttl'lctLlleC, market rivalry, and
miatter is the graduLal enlairgement of striategic publicb pIoliciC', Iolititil o(' Law and Economics, 16,
mainaigemilenit to include disciplinie-based scholar-s April 1973, ppI).
who shaire OuIr interest in ulider-standing the
direction of enterprises. CaLutioll in this regaird
is only reasoniable. Striategic malnaigemenit scholars
are smoall ill nulimiber- anid stlrLlggle to maiaitaini
integrationi aimonigst fr-ami-iewor-ks aind between
theory aiid piractice; imlost disciplinles ar-e populouS
aind tend to compete, riather thain cooperiate, with
other disciplines. Nonetheless, initellectual and
social mechlianisms must be foulid to miake the
very best of the discipline-based scholars welcome
in strategic manaiagemenit. Their participation aind
va-iety are key to the long-rull SuIVival of our
field.
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