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| Author: | Powell, J.H. Wakeley, T.M. |
| Title: | Evolutionary concepts and business economics: towards a normative approach |
| Journal: | Journal of Business Research
2003 : FEB, VOL. 56:2, p. 153-161 |
| Index terms: | Business economics Evolutionary economics Strategic management |
| Language: | eng |
| Abstract: | In the field of economics, a distinct "new" subdiscipline called "business economics" is steadily evolving where the aim is to produce useful insights into the nature of the company and its competitive environment, which in turn inform the practice of strategic management. Inevitably, it has been the practice this far to base this business economics upon neoclassical thinking rather that the emerging evolutionary models of economic systems. This is in direct contrast with the neoclassical fixation upon stasis, equilibrium and global rationality. Such an approach renders difficult the examination of bounded rationality and the development of competitive advantage in a dynamic environment. |
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