The theory of the knowledge-creating firm explains the differences among firms not as a result of market failure, but as a result of the firm`s visions of the future and strategy. This paper proposes a framework to capture the dynamic process of knowledge creation in which knowledge is created...

This article claims that effective strategic management requires distributed wisdom (which the philosopher Aristotle called phronesis ). Strategy is created out of one's existential belief or commitment to a vision of the future, the ability to interpret one's environment and resources...