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The Text Points Out That Modern Ideas of Strategy, Pioneered

question 18

Essay

The text points out that modern ideas of strategy, pioneered by Michael Porter, have turned IO economics "on its head." While IO economics attempts to prevent any firm from gaining sustained competitive advantage, the very purpose of strategy is to gain a sustainable advantage. Is that good or bad?


Definitions:

Domestic Investment

Investment in the financial assets and physical infrastructure within a country's own borders.

National Saving

The sum of private and public savings in an economy, representing the total amount of savings generated within a country.

Budget Deficit

The financial situation where an entity's expenditures exceed its revenues.

Import Quotas

Government-imposed limits on the quantity or value of goods that can be imported into a country.

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