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

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  • Christos Pitelis

Abstract

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.

Suggested Citation

  • Christos Pitelis, 2005. "Edith Penrose, organisational economics and business strategy: an assessment and extension," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 67-82.
  • Handle: RePEc:wly:mgtdec:v:26:y:2005:i:2:p:67-82
    DOI: 10.1002/mde.1215
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    File URL: http://hdl.handle.net/10.1002/mde.1215
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    References listed on IDEAS

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    1. 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.
    2. Franco Modigliani, 1958. "New Developments on the Oligopoly Front," Journal of Political Economy, University of Chicago Press, vol. 66, pages 215-215.
    3. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
    4. Richardson, G B, 1999. "Mrs Penrose and Neoclassical Theory," Contributions to Political Economy, Oxford University Press, vol. 18(0), pages 23-30.
    5. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
    6. 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.
    7. 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.
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    Cited by:

    1. Efstathios G. Parcharidis & Nikos C. Varsakelis, 2010. "R&D and Tobin's q in an emerging financial market: the case of the Athens Stock Exchange," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 31(5), pages 353-361.
    2. Pitelis, Christos, 2009. "Edith Penrose’s ‘The Theory of the Growth of the Firm’ Fifty Years Later," MPRA Paper 23180, University Library of Munich, Germany.
    3. Pätäri, Satu & Kyläheiko, Kalevi & Sandström, Jaana, 2011. "Opening up new strategic options in the pulp and paper industry: Case biorefineries," Forest Policy and Economics, Elsevier, vol. 13(6), pages 456-464, July.
    4. Pitelis, Christos & Teece, David, 2009. "The (new) nature and essence of the firm," MPRA Paper 24317, University Library of Munich, Germany.

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