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Meeting blindly… Is Austrian economics useful for dynamic capabilities theory?
[journal article]
Abstract This paper relates competition studies and views on competition policy within Austrian economics to the dynamic capabilities theory. The idea of interacting research programs in economics is used to provide the frame for reflecting on particular issues of competition, on the one hand, and (1) ignora... view more
This paper relates competition studies and views on competition policy within Austrian economics to the dynamic capabilities theory. The idea of interacting research programs in economics is used to provide the frame for reflecting on particular issues of competition, on the one hand, and (1) ignorance, (2) knowledge (including tacit knowledge), (3) rationality, (4) equilibrium, (5) innovation, (6) entrepreneurship, and (7) monopoly, on the other hand. Unlike the majority of previous studies, these issues are discussed here mainly through the lens of new institutional economics. Williamson's three-level scheme is used to explain opportunities and constraints for mutually enriching exchange of concepts between different but close approaches in economic research. This paper shows that there are important interconnections and complementarities despite significant differences in objects of study and weak mutual flows of ideas and concepts.... view less
Keywords
competition; Austria; strategic management
Classification
Economic Policy
Free Keywords
antitrust policy; entrepreneurship; dynamic capabilities; Austrian economics; new institutional economics; sustainable competitive advantages
Document language
English
Publication Year
2016
Page/Pages
p. 86-110
Journal
Russian Journal of Economics, 2 (2016) 1
ISSN
2618-7213
Status
Published Version; reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0