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Con Pec 1999; 18:87-104
© 1999 Cambridge Political Economy Society

Article

Edith Penrose, economics and strategic management

NJ Foss

Department of Industrial Economics and Strategy, Copenhagen Business School

Abstract

Edith Penrose's work on The Theory of the Growth of the Firm is often seen as a classic in strategic management and a precursor of today's resource-based view of the firm. However, it is argued in this paper that this is, at best, imprecise and rather a misrepresentation of Penrose: her interest was not in whether there can be rents in equilibrium, but in firm growth as a disequilibrium phenomenon. Moreover, her basic vision of the competitive process is very different from that which animates modern economic approaches to strategy, such as the resource-based approach and new industrial organisation economics. This paper briefly discusses some implications for modern strategic thinking of Penrose's vision.


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