![]() Zhao (2017) Earnings Inequality and Mobility Trends in the United States: Nationally Representative Estimates from Longitudinally Linked Employer-Employee Data ![]() Rumelt (2011) Good Strategy Bad Strategy: The Difference and Why It Matters Teece (2018) Profiting from Innovation in the Digital Economy: Standards, Complementary Assets, and Business Models in the Wireless World lp/taylor-francis/a-capability-theory-of-the-firm-an-economics-and-strategic-management-uPKkY90GZO References New Zealand Economic Papers Taylor & Francis Policy insights into governance, inequality, economic development, and the wealth of nations follow. ![]() This brings a richer conceptual understanding of the nature of the business enterprise and its management consistent with evolutionary and behavioural economics. The application of capability theory allows intellectual blinders to be removed and an understanding of differential firm-level resource allocation and performance to emerge. Contrasts are drawn between dynamic capabilities and other approaches to the theory of the firm, including transaction cost economics and agency theory. That approach has yielded a theoretical framework known as ‘dynamic capabilities’. Using economic principles, the field of strategic management has developed a nuanced approach to understanding how firms are created, organized, and grow how they innovate and compete and how managers manage. The business enterprise is the prime institution in economic development and growth yet, until recently, mainstream economics has mostly treated firms as homogeneous black boxes managed by untrustworthy agents. A capability theory of the firm: an economics and (Strategic) management perspective A capability theory of the firm: an economics and (Strategic) management perspective
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