Heterogeneous resources and the financial crisis: implications of strategic management theory

By Rajshree Agarwal, Jay B. Barney, N. J. Foss, Peter G. Klein. 2009

133 citations recorded by the source corpus.

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.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/1f3bc23f83aeb9df2eabd231bae269bd95ca8d2f

Citations in the corpus

• Institutions, Entrepreneurship, and Economic Growth: What Do We Know and What Do We Still Need to Know? (2016, unknown): “13 This standard framework has the unfortunate consequence that it becomes hard to define a meaningful role for the entrepreneur (cf. Agarwal et al., 2009).”