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

Caroline Hussler (BETA‐CNRS, University of Technology of Belfort‐Montbéliard, Belfort‐Montbéliard, France)
Julien Pénin (BETA‐CNRS, University of Strasbourg, Strasbourg, France)
Michael Dietrich (Department of Economics, University of Sheffield, Sheffield, UK)
Thierry Burger‐Helmchen (BETA‐CNRS, University of Strasbourg, Strasbourg, France and EM Strasbourg, University of Strasbourg, Strasbourg, France)

Journal of Strategy and Management

ISSN: 1755-425X

Article publication date: 26 October 2012

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.

Keywords

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

Publisher

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Emerald Group Publishing Limited

Copyright © 2012, Emerald Group Publishing Limited