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Strategy Research and

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We argue that strategizing fundamentally concerns disequilibrium phenomena, such asdiscovery, innovation, resource-combination, imagination - in short, entrepreneurship.Therefore, the understanding of strategizing is likely to be led astray by drawing too heavilyon equilibrium theories. Arguably, the three dominant economic approaches to strategy -the Porter industry analysis approach, the new industrial organization, and the ressourcebasedapproach - are characterized precisely by their strong reliance on equilibriummethodology. We argue that the market process approach in its Austrian version offersmuch inspiration for bringing process issues to bear on strategy issues.

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Nicolai J. Foss

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