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Organization Studies, Vol. 28, No. 5, 749-772 (2007)
DOI: 10.1177/0170840607072546
© 2007 SAGE Publications

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

Nicolai J. Foss

SMG-CBS, Copenhagen Business School, Porcelainshaven 24, 2000 Frederiksberg, Denmark, njf.smg{at}cbs.dk

Ibuki Ishikawa

College of Policy Science, Ritsumeikan University, 56-1 Toji- in Kitamachi, Kita-ku, Kyoto 603-8577, Japan, ibuki{at}sps.ritsumei.ac.jp

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.

Key Words: resource-based view • Austrian capital theory • complexity theory • entrepreneurs • competitive advantage


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