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Heterogeneous Resources and the Financial Crisis: Implications of Strategic Management Theory
Rajshree Agarwal University of Illinois at Urbana-Champaign - Department of Business Administration Jay B. Barney Ohio State University - Department of Management & Human Resources Nicolai J. Foss Copenhagen Business School - Center for Strategic Management and Globalization Peter G. Klein University of Missouri at Columbia - Contracting and Organizations Research Institute (CORI); Norwegian School of Economics and Business Administration July 28, 2009 Strategic Organization, Forthcoming Abstract: Macroeconomic theory assumes that factors of production in the economy are homogeneous and fungible. As a result, it is poorly suited for analyzing and developing policy responses to the recent financial crisis. Theories of strategic management and organization, with their emphasis on heterogeneous resources and capabilities, are better positioned. We provide examples of how macroeconomic theory may lead policies astray, and how theories of strategic management provide insight into the nature and causes of the financial crisis and the appropriate policy response.
Keywords: strategic management, financial crisis, heterogeneous resources, macroeconomic policy, bailouts, resource-based view, Austrian capital theory JEL Classifications: E32, E22, E60, L16, L32, G34 Working Paper SeriesDate posted: July 30, 2009 ; Last revised: July 30, 2009Suggested CitationContact Information
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