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Journal of Strategic Management

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ISSN: 1649-3877

Listed by: Cabells and EBSCO

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The Source of Competitive Advantage and Entrepreneurial Judgment in the RBV: Insights from the Austrian School Perspective

JSME Vol 4: 2008

Author(s): Ibuki Ishikawa (Ritsumeikan University, Japan and Copenhagen Business School, Denmark)

Abstract:
This paper examines the resource-based view (RBV) in the strategic management
literature with the aim of identifying the source of competitive advantage of the firm. In particular,
it is argued that the source of competitive advantage is rooted in entrepreneurial judgment. This
paper consists largely of three parts: first, a brief survey of the theoretical framework of the RBV,
placing particular emphasis on RBV scholars’ understanding of “resources”; second, arguments
relating to the significance of exploiting the Austrian perspective, especially focusing on Lachmann
(1947, 1956), Mises (1946), and Knight (1921) to improve the RBV framework; and third,
application of the Austrian perspective to the RBV and the demonstration that the source of
competitive advantage is derived, not from the resource per se, but rather from entrepreneurial
judgment. In applying this framework, possible future research avenues for further development are
discussed. It becomes clear through this paper that a strategy is mainly seen as the quest for the
entrepreneurial judgmental rent. The major insight of this paper is that taking the entrepreneur
insight from the Austrian school of thought is the fruitful way to understand the source of
competitive advantage.

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