We consider how profit has been explained and justified. We then build on property rights theory to develop an alternative explanation of profits and conclude that profits can be considered as an implicit payment for access to the assets required for an individual's labour to be market...

Resource-based advantages are ‘built', not bought, and have typically emerged from complex development processes that are, to a significant degree, ‘unmanaged'. Set against this reality are strategy process prescriptions that encourage managers to adopt deliberate, formal, analytical...