Abstract
Most strategic management scholars still use Adam Smith’s conceptual framework of value-in-use and value-in-exchange. However, many modern scholars fail to recognize that Smith’s model of wealth creation was based on a normative model that targeted contemporary policy makers, rather than being an attempt to create positive theory of value. This paper represents an historical and cross-disciplinary integration of positive theories of value and value creation. A new typology is proposed which consists of two types of cross section value (hedonic value, and systemic value) and two types of longitudinal value (past value, and potential value). It is argued that these positive theoretical insights should be foundational to strategic management research, rather than the normative framework inherited largely intact from Adam Smith.
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