Journal
ACADEMY OF MANAGEMENT REVIEW
Volume 26, Issue 2, Pages 243-263Publisher
ACAD MANAGEMENT
DOI: 10.2307/259121
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In economics and management theories, scholars have traditionally assumed the existence of artifacts such as firms/organizations and markets. I argue that an explanation for the creation of such artifacts requires the notion of effectuation. Causation rests on a logic of prediction, effectuation on the logic of control. I illustrate effectuation through business examples and realistic thought experiments, examine its connections with existing theories and empirical evidence, and offer a list of testable propositions for future empirical work.
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