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

Nicolai J. Foss; Ibuki Ishikawa

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

Nicolai J. Foss, Ibuki Ishikawa

Ritsumeikan University

Research output: Working paper › Research

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Abstract

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.

Original language	English
Place of Publication	Frederiksberg
Publisher	DRUID - Danish Research Unit for Industrial Dynamics
Number of pages	28
ISBN (Print)	8778732077
Publication status	Published - 2006

Series	DRUID Working Paper
Number	2006-16

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DRUID Working Paper No. 06-16Final published version, 170 KBLicence: CC BY-NC-ND

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