Toward a Neo-Schumpeterian Theory of the Firm
An attempt to convert some of the ideas in the first two chapters of The Theory of Economic Development into a coherent theory of the firm. Contrary to the conventional theory, no sharp distinction can be made between old and new techniques; there is a continuous gradation from highly routine to highly innovative behavior. The attributes that make the firm a significant entity are its existing patterns of routine activity, its tangible and intangible assets, its recent history, the repertoires of actions available to the individuals involved, and the terms in which they conceptualize the firm and their participation in it. No analysis of equilibrium behavior of an individual firm is possible. A neo-Schumpeterian theory of the firm must be historical, dynamic, and, ideally, probabilistic, recognizing that the firm's behavior is shaped by many unobservable factors. Traditional theory is far simpler, but also simplistic.
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- Copyright: RAND Corporation
- Availability: Available
- Format: Paperback
- Pages: 24
- List Price: $20.00
- Price: $16.00
- Document Number: P-3802
- Year: 1968
- Series: Papers
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