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The resource-based perspective: An assessment and diagnosis of problems

  • Foss, Nicolai J.

The resource-based approach to strategy has gradually become the dominant perspective in strategy (content) research, arguably because it combines realism with relative rigour. The present paper reviews the main themes of the contemporary version of the resource-based perspective (Wernerfelt, Rumelt, Barney....), and diagnoses a number of problems that beset the approach. The most profound problem probably concerns the lack of theorizing with respect to the creation of new resources, which tends to give the perspective a retrospective character and makes its application to managerial practice difficult. It is suggested that resource-based scholars could draw upon work relating to real options, innovation research, complementarities and organizational learning if they wish to remedy this deficiency and to promote their perspective.

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File URL: http://www.sciencedirect.com/science/article/pii/S0956522197000304
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Article provided by Elsevier in its journal Scandinavian Journal of Management.

Volume (Year): 14 (1998)
Issue (Month): 3 (March)
Pages: 133-149

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Handle: RePEc:eee:scaman:v:14:y:1998:i:3:p:133-149
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  1. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, June.
  2. Milgrom, Paul & Roberts, John, 1990. "The Economics of Modern Manufacturing: Technology, Strategy, and Organization," American Economic Review, American Economic Association, vol. 80(3), pages 511-28, June.
  3. Robert E. Lucas Jr., 1978. "On the Size Distribution of Business Firms," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 508-523, Autumn.
  4. Ingemar Dierickx & Karel Cool, 1989. "Asset Stock Accumulation and Sustainability of Competitive Advantage," Management Science, INFORMS, vol. 35(12), pages 1504-1511, December.
  5. Nicolai J. Foss, 1996. "Research In Strategy, Economics, and Michael Porter," Journal of Management Studies, Wiley Blackwell, vol. 33(1), pages 1-24, 01.
  6. Mahoney, Joseph T., 1995. "The management of resources and the resource of management," Journal of Business Research, Elsevier, vol. 33(2), pages 91-101, June.
  7. Cynthia A. Montgomery, 1994. "Corporate Diversificaton," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 163-178, Summer.
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