Towards a Dynamic Resource-based View: Insights from Austrian Capital and Entrepreneurship Theory

By N. J. Foss, Ibuki Ishikawa. 2007

265 citations recorded by the source corpus.

Over the last two decades, the resource-based view (RBV) has become dominant in the strategic management field. It has often been observed that the RBV is lacking in the dynamic dimension. For example, processes of building competitive advantages by means of combining existing complementary resources in novel ways are not inquired into. We argue that the RBV may profitably draw on insights in entrepreneurship and capital theory, drawn from Austrian economists as well as Frank Knight, in order to strengthen its dynamic dimension. We link the RBV and Austrian ideas in the context of the theory of complex systems pioneered by Herbert Simon. We draw a number of implications for strategic management from this synthesis, notably into resource value and sustainability of competitive advantage.

Subfields: Economics and Econometrics, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/bcab3b4429e413116aa57b50d6a2a7208cf610f3

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. Aard J. Groen
2. Jeroen Kraaijenbrink
3. John-Christopher Spender

In Strategy and Management

1. Aard J. Groen
2. Jeroen Kraaijenbrink
3. John-Christopher Spender

Citations in the corpus

• On the Path towards a Competence-based Theory of the Firm (2008, unknown): “This argument can even be strengthened with regard to the parallels between CbTF and the Austrian business cycle and capital theory (Foss and Ishikawa 2007).”