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Strategy as economics versus economics as strategy

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  • Richard N. Langlois

    (Department of Economics, The University of Connecticut, U63 Storrs, CT 06269-1063, USA)

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.

Suggested Citation

  • Richard N. Langlois, 2003. "Strategy as economics versus economics as strategy," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 24(4), pages 283-290.
    • Handle: RePEc:wly:mgtdec:v:24:y:2003:i:4:p:283-290
    DOI: 10.1002/mde.1121
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    References listed on IDEAS

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    4. Reyes Calderón, 2004. "Fron Neo-classical Entrepreneur to Socio-economic Organization," Faculty Working Papers 01/04, School of Economics and Business Administration, University of Navarra.

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