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...

The notion of full asset ownership is important in economics, for example, in recent work on the boundaries of the firm, which has been taken up with the issue why it matters who owns an asset. However, recognizing that assets have multiple attributes, and that these may be subject to capture in...

The paper analyses management of product innovation in project-based industries, offering a view on management not only of firms, but also of markets. It first argues that projects are prominent in industries where the nature of consumer demand means that product innovation takes place as...

In this speculative paper, it is argued that learning is an evolutionary process, operating at the level of the individual, the firm, and organised markets. Why these latter may be localised is investigated. Learning as such is depicted as an interactive process of reproducing and/or creating...

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...

We address the closely related phenomena of corporate venturing and spin-offs in the context of organizational economics, for example, agency perspectives and the evolutionary perspective on firms. These perspectives allow us to say something about both the amount and nature of variety creation...

This paper explores the relationship between the theory of the firm and the theory of financial markets. I begin with Mises’s claim that the defining feature of an industrialized, market economy is the use of financial markets to allocate capital among firms and among industries. This...

Born in 1930, Brian J. Loasby is generally recognised as the leading post-Marshallian economic theorist. He has published widely on the theory of economic organisation, methodology, and the history of economic ideas, including Smith and Keynes. His work includes the now-classic Choice,...

A new framework is presented that suggests that scientific progress requires a balance between exploitation of existing research programs (normal science) and exploration of new research programs (revolutionary science) Too much pluralism can be as destructive for scientific progress as too...