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Edith Penrose, organisational economics and business strategy: an assessment and extension

  • Christos Pitelis

The aim of this paper is to expound Penrose's contribution to the theory of the firm, and examine the contribution of her thinking to economics and business strategy, as well as to discuss some limitations and provide some generalizations of Penrose's work. We also discuss implications for managerial practice and public policy. We claim that Penrose's contribution was seminal. In recognizing the significance of organization to generate new knowledge she went well beyond the bounds of even her own agenda; from a theory of the growth of firms, to a theory of the generation of organizational knowledge and beyond. Copyright © 2005 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1215
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Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 26 (2005)
Issue (Month): 2 ()
Pages: 67-82

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Handle: RePEc:wly:mgtdec:v:26:y:2005:i:2:p:67-82
Contact details of provider: Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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  1. Penrose, Perran & Pitelis, Christos, 1999. "Edith Elura Tilton Penrose: Life, Contribution and Influence," Contributions to Political Economy, Oxford University Press, vol. 18(0), pages 3-22.
  2. Franco Modigliani, 1958. "New Developments on the Oligopoly Front," Journal of Political Economy, University of Chicago Press, vol. 66, pages 215.
  3. Richardson, G B, 1999. "Mrs Penrose and Neoclassical Theory," Contributions to Political Economy, Oxford University Press, vol. 18(0), pages 23-30.
  4. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
  5. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-95, December.
  6. Loasby, Brian J, 1999. "The Significance of Penrose's Theory for the Development of Economics," Contributions to Political Economy, Oxford University Press, vol. 18(0), pages 31-45.
  7. Baumol, William J, 1982. "Contestable Markets: An Uprising in the Theory of Industry Structure," American Economic Review, American Economic Association, vol. 72(1), pages 1-15, March.
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