How do economists interested in strategy think about industry today? We can go f
ID: 382238 • Letter: H
Question
How do economists interested in strategy think about industry today?
We can go further than challenging the idea that industry profit differences reflect firm rather than industry factors. We can challenge the whole idea that the traditional concept of an industry is really a good way to think about firm positioning and profitability. Recent strategy scholars have moved away from the noncooperative game theory used widely by IO and taken up coalitional game theory ideas. In coalitional game theory
Please use citation and refernces if needed. word limit 75-125
Explanation / Answer
Answer:-
The economists are interested in a strategy think about the industry today because today's business environment is fast-paced and knowledge-based. The focus on profitability and competitive advantages are overacted since today's business environment are volatile(R.C, 2016). For this reason, economists need strategic think to understand the changes in the industry and its success factors. The non-cooperative game theory has been termed non-strategic and the focus is now on cooperative games since this will help a firm stay the industry for long. Strategic think also involves the focus on the future of an industry and the success factors in it. Economists need strategic thinking in all human and social institutions - communications, economics, trade/business, marketing, and management for sustainability and long term goals (Danny McCoy. , 2016).
References:-
Danny McCoy. (2016).A knowledge economy requires strategic long-term thinking. Retrieved from https://www.siliconrepublic.com/innovation/knowledge-economy-ireland-research-ibec
R.C (2016). Why industrial strategy is back. Retrieved from https://www.economist.com/blogs/economist-explains/2016/07/economist-explains-19.
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