Learning to synthesise contradictions: an Austrian approach to bridging time concepts in the strategic theory of the firm

Abstract

Moving from an inquiry on the notions of time underlying strategy studies, in this paper we lay the groundwork for the elaboration of a multitemporal view of the firm. We draw on the Austrian process view in economic studies and on Nonaka's idea of synthesising capabilities to formulate a methodological framework which consents the elaboration of a multitemporal view of the resource-based firm, in which different time concepts are bridged and main actor behaviours crucial for prolonged firm success are encompassed. We then show how the multitemporal view of the firm which emerges from the deployment of the integration of the Austrian and Nonakian approaches consents the reinterpretation and maintenance of the concepts elaborated within both the static and the dynamic strategy literature and, eventually, also to expand our understanding of the causal relationships between strategic management and a number of other areas of inquiry in the management field.