A resource-based view of Schumpeterian economic dynamics |
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Authors: | John A Mathews |
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Institution: | (1) Macquarie Graduate School of Management, Macquarie University, Sydney, NSW 2109, Australia (e-mail: john.mathews@mq.edu.au, URL http://www.gsm.mq.edu.au/faculty/home/john.mathews/index.html) , AU |
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Abstract: | This paper seeks to offer a theoretical platform where the modern “resource-based view” of the firm might meet with evolutionary
economics and the study of entrepreneurship, and with the economics of industrial organization. It does so by proposing the
concept of the “resource economy” within which productive resources are produced and exchanged between firms. This is presented
as the dual of the mainstream goods and services economy – where the “resource economy” captures the dynamic capital structure
of the economy. The paper is concerned to bring out the distinctive principles governing resource dynamics in the resource
economy, capturing competitive dynamics in such categories as resource creation, replication, propagation, exchange and leverage;
evolutionary dynamics in terms of resource variation, selection and retention; entrepreneurial dynamics in terms of resource
recombination and resource imitation, transfer and substitution; and industrial organizational dynamics in terms of resource
configuration, resource complementarities and resource trajectories. |
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Keywords: | :Schumpeterian dynamics – Resource-based View – Resource economy – Evolutionary dynamics – Entrepreneurial dynamics |
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