Acknowledging the shortcomings of contemporary research on the economics of strategy, this paper proposes a subjectivist approach to strategic management. This subjectivist perspective is originated in German economics and found its base in the Austrian school of economics. Based largely on the works on Max Weber, Alfred Schutz and Ludwig von Mises, this paper develops a subjective interpretation framework which is applied to various fields of strategic management: entrepreneurship, organisation, vertical integration, innovation, marketing and advertising.
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Tony Fu‐Lai Yu (2003) studied this question.
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