A central role of the entrepreneur-manager is assembling a strategic bundle of complementary assets and activities, either existing or foreseen, which when combined create value for the firm. This process of creating value however requires managers to assess which activities should be handled by...

More than sixty-five years ago Friedrich Hayek parenthetically remarked that while "man has learned to use [the market]...he is still very far from having learned to make the best use of it" (1945: 528). The ensuing years have seen significant innovation in the structure and use of markets,...