Strategic management and the economics of the firm: How to reconcile the brother enemies?

Abstract

Purpose

The purpose of this paper is to argue for the need to reconcile managerial and economic approaches of the firm. Strategic management seems to be the perfect playground for this.

Design/methodology/approach

The paper shows many divergences between the economic and managerial approach of the firm but also highlights many topics where both approaches come in handy.

Findings

The authors underline the topics and theories in strategic management with the greatest benefits of mixing economics and management can be expected and they echo the papers in this special issue.

Practical implications

The paper comes as a warning for those using only managerial perspective without listening to the caveats and ideas put forward by the economic approach of the firm.

Originality/value

The paper offers an agenda of how economics and management could be reunited, and shows the relevance of doing so to both theory and practice.

Citation

Hussler, C., Pénin, J., Dietrich, M. and Burger‐Helmchen, T. (2012), "Strategic management and the economics of the firm: How to reconcile the brother enemies?", Journal of Strategy and Management, Vol. 5 No. 4, pp. 372-380. https://doi.org/10.1108/17554251211276344