Meeting blindly… is Austrian economics useful for dynamic capabilities theory?
This paper presents competition studies and views on competition policy within Austrian economics related to the dynamic capabilities theory. The idea of interacting research programs in economics is used to provide the frame for reflections on particular issues of discussion: competition, on the one hand, and (1) ignorance, (2) knowledge (including tacit knowledge), (3) rationality, (4) equilibrium, (5) innovation, (6) entrepreneurship, and (7) monopoly, on the other hand. Unlike the majority of previous studies, these issues are discussed here mainly through the lens of new institutional economics. Williamson’s three-level scheme is used to explain opportunities and constraints for mutually enriching exchange of concepts between different but close approaches in economic studies. This paper shows that there are important interconnections and complementarities despite significant differences in objects of study and weak mutual flows of ideas and concepts.