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

Nicolai Foss () and Ibuki Ishikawa

No 06-16, DRUID Working Papers from DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies

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.

Keywords: Resource-based view; Austrian capital theory; complexity theory; entrepreneurs competitive advantage (search for similar items in EconPapers)
JEL-codes: B53 D21 L23 M1 (search for similar items in EconPapers)
Date: 2006
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-cse and nep-ent
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