This report evolves a conceptual framework within which the fundamental resource dynamics of an economy could be researched. The framework has heterogeneous firms at its center, and the dynamics governing their competitive, evolutionary and entrepreneurial interactions are made the object of analysis. This method is inspired by the wish to penetrate to the resource dynamics of a capitalist economy, and also to bring out the importance that interfirm resource networks play in the way that economies adapt and respond to novel situations. The management of these relational assets – resources, routines and interfirm relations – is viewed as a critical problem in the success of individual firms and of whole economies. The report embarks on this project through the synthesis of 4 present business perspectives, in the belief that rapid adjustments in the global economy demand renewed efforts towards theoretical integration. The 4 perspectives are the dynamic capabilities perspective on the firm (incorporating the resource-based view) as developed in the strategic management books; the markets-as-networks view, as developed in the industrial marketing and purchasing literature; the evolutionary economic view, as developed by Nelson and Winter; and the entrepreneurial discovery view, as developed by Schumpeter and the Austrian school. It’s contended that a synthesis of these viewpoints will reinforce each, and lead to novel insights.
Source: Copenhagen Business School