The role of transaction cost economics in developing research in strategy has been a hotly debated topic over the last decade. This paper presents the radical argument that transaction cost insights are more than merely useful complements to existing approaches to strategy. Rather, they are...

This paper is taken up with discussing the extent to which existing economic theories of the firm are helpful for constructing what Rumelt called a "strategic theory of the firm". Such a theory explains the existence, boundaries, organization and competitive advantage of the firm. The modern...

This paper develops a property rights-based view of strategy (the “PRV”). A property right (or economic right) is an individual’s net valuation, in expected terms, of the ability to directly consume the services of an asset (including, e.g., a monopoly position) or consume it indirectly...