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Economics of Strategy Hardcover – July 22, 2003

ISBN-13: 978-0471212133 ISBN-10: 047121213X Edition: 3rd

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Economics of Strategy
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Product Details

  • Hardcover: 656 pages
  • Publisher: Wiley; 3 edition (July 22, 2003)
  • Language: English
  • ISBN-10: 047121213X
  • ISBN-13: 978-0471212133
  • Product Dimensions: 10.5 x 8 x 1.2 inches
  • Shipping Weight: 3 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (38 customer reviews)
  • Amazon Best Sellers Rank: #1,730,172 in Books (See Top 100 in Books)

Editorial Reviews

Review

“…the book seeks to supply an economic lens for viewing the broad sweep of the strategic activities of the firm.” (Times Higher Education Supplement, Thursday 28th February 2008) --This text refers to an alternate Hardcover edition.

From the Publisher

Designed to engage and challenge students, this comprehensive book applies modern economic principles to study a firm's strategic position. The first section focuses on a company's boundaries, economics, transactions costs, economies of scale and scope and diversification. The second part deals with industrial organization economics such as market structure and dynamic price competition and concludes with four detailed industry analyses. The third segment covers strategic positioning and dynamics. The final section offers topics associated with internal organization. Contains hundreds of examples to illustrate how the economic principles of strategy apply to the actual business world. --This text refers to an out of print or unavailable edition of this title.

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Customer Reviews

4.3 out of 5 stars
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Most Helpful Customer Reviews

15 of 16 people found the following review helpful By L. Skoufa on September 11, 2006
Format: Hardcover Verified Purchase
I teach strategic management to undergraduates at an Australian university and have used the 2nd and 3rd editions of this book in the past three years to supplement the theory from our prescribed texts. It is heavy going in some places for the students but I like the book's rigour. The only criticism I have is that the 4th edition I just received has some minor errors. For example, pages 20-21 in the "Economic Profit versus Acccounting Profit" section has errors in the figures quoted for economic profit for McDonalds and Starbucks. I think this has occured because the 3rd edition figures have been carried over to the 4th edition without a proper proof-reading. Another minor mistake is that Table 10.2 (page 329) should read "Five-Forces Analysis of the Commercial Aciation Industry" and not "Five-Forces Analysis of the Chicago Hospital Market". Sorry to be pedantic but I guess these things can detract from the perceived quality of an otherwise top-quality text. Please note I will be buying your next edition in a couple of years. Cheers from "DownUnder Australia!"
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9 of 10 people found the following review helpful By A Customer on March 19, 2002
Format: Hardcover Verified Purchase
Filled with the most current information and packed full of the latest theories, this book delivers on it's promise to deliver an analytical base for economic strategy.
But some sections contain high fog counts and complicated discussions to describe relatively simple concepts.
Some of the examples offered as proof of theory seem forced. Instead of proving the theory, they show that other (undiscussed) strategic influences are at work. While expanded awareness is definitely a good thing, such examples tend to undermine the theories they purport to prove.
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13 of 16 people found the following review helpful By Govindan Nair on August 27, 2003
Format: Hardcover
For those who have become disenchanted with the faddish rhetoric of corporate strategy, and seek more rigorous analytical grounding than offered in most "inspirational" business books, this text by three faculty members of Northwestern University and of Purdue University is refreshing.
The text recapitulates the key tools of micreconomic theory in a masterful introductory chapter which covers cost theory and game theory. The rest of the book is structured around the four classes of issues which the authors see as the essence of strategic analysis: firm boundaries, market and competitive analysis, position and dynamics, and internal organization.
The text is full of excellent examples and mini case studies from a wide range of industries.
I have not found it easy to find many other texts which achieve this balance of analytical rigor and practical business-oriented empirical focus.
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4 of 4 people found the following review helpful By Avid Reader on August 29, 2011
Format: Hardcover
It has been years since my macro/micro courses, so I am a bit rusty and slow on the uptake. I find this book very wordy...could be much more concise. And some of the examples are not fully explained. Also, no explanation of some of the chapter end questions are included. Not very good for learning on your own.
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2 of 2 people found the following review helpful By Firas Maad on October 13, 2012
Format: Hardcover Verified Purchase
If it was an option, I wouldn't have bought it!

The book is dense in content about strategy and economics, but I found it a little bit complicated and dry with no concerete numerical exercises. Usually, strategy and economics readings are much more engaging and mind-provoking.
I had to buy it for my Business Processes course at business school (full time MBA program).
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6 of 8 people found the following review helpful By Laxman Uchlani on September 27, 2003
Format: Hardcover
Many business books provide models of competition, innovation, etc. without adequately reasoning how the models were reached. Whereas they provide solutions to a problem - they do not provide the understanding of how the solution is reached.
However, this book provides a sound reasoning for every model on the basis of microeconomics. Even apparently abstract concepts like organization structure are explained on the basis of economics. I personally feel that the concepts covered in this book have been ingrained in my mind.
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8 of 11 people found the following review helpful By A Customer on March 20, 2000
Format: Hardcover
This is the definitive review of strategic analysis concepts: their basis in economic theory and application in the real world of business.
Economics of Strategy is thee core textbook for strategy courses at the University of Chicago, but, ironically, it was written by members of the Northwestern University faculty. A great marriage of left and right brained strategic thinkers!
Well worth the time to understand and digest its many lessons on competitive strategy.
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10 of 14 people found the following review helpful By do-o@nwu.edu on March 15, 1998
Format: Hardcover
Well beyond the touchy-feely strategy approach, this book explores the details behind the economic reasoning of strategic decisions of the firm. Many examples, and theory that really forms the backbone of strategy. Excelent chapters on dinamics of pricing rivalry, isolating mechanisms of competitive advantage, vertical and horizontal integration, strategic positioning and more. Cover the basics and the advaced strategy knowledge in a well written manner. Very good MBA textbook.
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