THE AUSTRIAN SCHOOL OF STRATEGY

Although traditional industrial organization continues to serve as one of the conceptual foundations for strategic thinking and research. many of its premises have come under widespread criticism. Industrial organization largely ignores, despite their importance, change, uncertainty, and disequilibrium in the business environment. Because these fundamental characteristics are cornerstones of the Austrian School of Economics, this doctrine offers unique strategic perspectives. The Austrian emphasis on "the market process" and entrepreneurial discovery establishes a framework for both strategy formulation and research.