Accounting for competitive advantage: The resource-based view of the firm and the labour theory of value |
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| Authors: | C. Bowman S. Toms |
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| Affiliation: | 1. Cranfield School of Management, Cranfield, Beds MK43 OAL, UK;2. The York Management School, Sally Baldwin Buildings, University of York, York YO10 5DD, UK;1. Kent Business School, University of Kent, Sail & Colour Loft, The Historic Dockyard, Chatham, Kent ME4 4TE, United Kingdom;2. Facultad de Economía y Empresa, Universidad Diego Portales, Avda. Santa Clara 797, Huechuraba, Santiago, Chile;3. Department of Operations Management, College of Business, University of Dayton, 300 College Park, Dayton, OH 45469, United States;4. School of Management, Chongqing Jiaotong University, Xufu Dadao, Nanan District, Chongqing, China;1. Jagran Lakecity University, 206 A/2 Sector AN Raj Harsh Colony, Lalita Nagar, Kolar Road, Bhopal, 462042, Madhya Pradesh, India;2. Indian Institute of Forest Management, D5, Vanika, IIFM Residential Colony, Kotra, BHOPAL, 462003, Madhya Pradesh, India |
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| Abstract: | This article uses accounting concepts to assist the field of strategic management in its search for a theory of value, competitive advantage and superior profitability. Specifically, it argues that the resource-based view of the firm requires a labour theory of value creation. Using the circuit of capital as an organizing framework this article integrates RBV and Marx's value theory, by introducing the notion of value as socially necessary labour time, into the analysis of resource-based advantage. This enables us to identify the impact of particular sources of competitive advantage as they become diffused through an industry. Some resource-based advantages, when eventually imitated lead to an overall reduction in industry profitability, and other advantages lead to increases in industry average profitability. |
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