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Edith Penrose's legacy to the resource‐based view
Author(s) -
Lockett Andy
Publication year - 2005
Publication title -
managerial and decision economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.288
H-Index - 51
eISSN - 1099-1468
pISSN - 0143-6570
DOI - 10.1002/mde.1214
Subject(s) - dependency (uml) , resource (disambiguation) , path dependency , path (computing) , law and economics , epistemology , work (physics) , sociology , computer science , philosophy , economics , economic geography , artificial intelligence , engineering , mechanical engineering , computer network , programming language
In this paper I argue that Edith Penrose's work anticipated the modern approach to strategy in general, and the RBV in particular. Building on the central tenets of Penrose's arguments—that firms are heterogeneous, which is the result of their path dependency—the paper demonstrates how her writings can be used to explain the latest developments of the RBV. Furthermore, the paper argues that many of the insights scholars require to take the RBV forward are still available to those willing to re‐visit her writings. Simply stated: Her legacy endures. Copyright © 2005 John Wiley & Sons, Ltd.