Knowledge management has emerged as a very successful organization practice and has been extensively treated in a large body of academic work. Surprisingly, however, organizational economics (i.e., transaction cost economics, agency theory, team theory and property rights theory) has played no...

We argue that strategizing fundamentally concerns disequilibrium phenomena, such as discovery, innovation, resource-combination, imagination - in short, entrepreneurship. Therefore, the understanding of strategizing is likely to be led astray by drawing too heavily on equilibrium theories....