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Poor odds on the takeover lottery

Second hand firms have something important in common with second hand cars. This explains why takeovers have tended to disappoint.

Learning to define the core business

Ted Levitt’s challenge to “define what business you are in” was based in a fundamental confusion between industries and markets.

In out of the cold

Economists have walked out into the cold as far as business strategy is concerned. Slowly, they are starting to return.

Cracks in the Crystal Ball

Economic forecasters tend to say the same thing at the same time, but they rarely get it right.

ESRC lecture 1994 – Is There a Competitive Advantage of Nations?

Competitive advantage is based, not on doing what others already do well, but on doing what others cannot do as well. Not only is this true for individuals and for firms, but for countries as well.

The Structure of Strategy (Business Strategy Review 1993)

"The Structure of Strategy" is a summary of parts of my book, "The Foundations of Corporate Success", and was reprinted in "The Business of Economics"

Economics and Business: 1990

Economics has never been more relevant to business problems. The two key groups of question of interest to businessmen - the internal organization of the firm and its relationship between its suppliers and customers, and the nature of strategic interactions between small groups of firms - are clearly on the agenda of modern economics in a manner which has not been true for most of the last century.

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