A Resource-based view of Schumpeterian economic dynamics

John A. Mathews*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

58 Citations (Scopus)
34 Downloads (Pure)

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.
Original languageEnglish
Pages (from-to)29-54
Number of pages26
JournalJournal of Evolutionary Economics
Volume12
Issue number1-2
DOIs
Publication statusPublished - 2002

Keywords

  • schumpeterian dynamics
  • resource-based View
  • resource economy
  • evolutionary dynamics
  • entrepreneurial dynamics

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