Over the last two decades the resource-based view (“RBV”) has become dominant in thestrategic management field. It has often been observed that the RBV is lacking in the dynamicdimension. For example, processes of building competitive advantages by means of combiningexisting complementary resources in novel ways are not inquired into. We argue that the RBVmay profitably draw on insights in entrepreneurship and capital theory, drawn from Austrianeconomists as well as Frank Knight, in order to strengthen its dynamic dimension. We link theRBV and Austrian ideas in the context of the theory of complex systems pioneered by HerbertSimon. We draw a number of implications for strategic management from this synthesis, notablyinto resource value and sustainability of competitive advantage.
|Udgiver||DRUID - Danish Research Unit for Industrial Dynamics|
|Status||Udgivet - 2006|
|Navn||DRUID Working Paper|