Latest Articles from Russian Journal of Economics Latest 1 Articles from Russian Journal of Economics https://rujec.org/ Fri, 29 Mar 2024 07:52:56 +0200 Pensoft FeedCreator https://rujec.org/i/logo.jpg Latest Articles from Russian Journal of Economics https://rujec.org/ Meeting blindly… Is Austrian economics useful for dynamic capabilities theory? https://rujec.org/article/27964/ Russian Journal of Economics 2(1): 86-110

DOI: 10.1016/j.ruje.2016.04.005

Authors: Andrey Shastitko, Svetlana Golovanova

Abstract: This paper relates competition studies and views on competition policy within Austrian economics to the dynamic capabilities theory. The idea of interacting research programs in economics is used to provide the frame for reflecting on particular issues of competition, on the one hand, and (1) ignorance, (2) knowledge (including tacit knowledge), (3) rationality, (4) equilibrium, (5) innovation, (6) entrepreneurship, and (7) monopoly, on the other hand. Unlike the majority of previous studies, these issues are discussed here mainly through the lens of new institutional economics. Williamson's three-level scheme is used to explain opportunities and constraints for mutually enriching exchange of concepts between different but close approaches in economic research. This paper shows that there are important interconnections and complementarities despite significant differences in objects of study and weak mutual flows of ideas and concepts.

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Research Article Mon, 29 Feb 2016 00:00:00 +0200