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Meeting blindly… Is Austrian economics useful for dynamic capabilities theory?

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  • Shastitko, Andrey
  • Golovanova, Svetlana

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) 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.

Suggested Citation

  • Shastitko, Andrey & Golovanova, Svetlana, 2016. "Meeting blindly… Is Austrian economics useful for dynamic capabilities theory?," Russian Journal of Economics, Elsevier, vol. 2(1), pages 86-110.
    • Handle: RePEc:eee:rujoec:v:2:y:2016:i:1:p:86-110
    DOI: 10.1016/j.ruje.2016.04.005
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    2. Trubnikov, Dmitrii (Трубников, Дмитрий), 2019. "Deregulation of European Telecommunications: The Role of Private Interests [Дерегулирование Европейских Телекоммуникаций: Роль Частных Интересов]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 4, pages 142-165, August.
    3. Shastitko, A. & Pavlova, N., 2017. "Bargaining Power and Market Power: Comparison and Policy Implications," Journal of the New Economic Association, New Economic Association, vol. 34(2), pages 39-57.

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    More about this item

    Keywords

    competition; antitrust policy; entrepreneurship; dynamic capabilities; Austrian economics; new institutional economics; strategic management; sustainable competitive advantages;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • L00 - Industrial Organization - - General - - - General
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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