Strategic management and the economics of the firm

Abstract

PurposeThe 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/approachThe paper shows many divergences between the economic and managerial approach of the firm but also highlights many topics where both approaches come in handy.FindingsThe 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 implicationsThe 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/valueThe paper offers an agenda of how economics and management could be reunited, and shows the relevance of doing so to both theory and practice.

Opening theory as an innovative model of the development strategy of industrial companies

“…The above forms of the innovative management are aimed at achieving short-term and long-range purposes of the business activity. The prerequisite for the successful performance is beginning of formation of socioeconomic relations between different subjects and possible results of their interaction [3].…”