The theory of economic development

doi:10.1590/S0034-75901961000200012

Journal Article•DOI•

The theory of economic development

Raimar Richers¹•Institutions (1)

Escola de Administração de Empresas de São Paulo¹

01 Sep 1961-Rae-revista De Administracao De Empresas (Fundação Getulio Vargas/ Escola de Administração de Empresas de São Paulo /RAE-publicações)-Vol. 1, Iss: 2, pp 170-172

About: This article is published in Rae-revista De Administracao De Empresas.The article was published on 1961-09-01 and is currently open access. It has received 7554 citations till now. The article focuses on the topics: Development theory.

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Journal Article•DOI•

Exploration and Exploitation in Organizational Learning

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James G. March¹•Institutions (1)

Stanford University¹

01 Feb 1991-Organization Science

TL;DR: In this paper, the authors consider the relation between the exploration of new possibilities and the exploitation of old certainties in organizational learning and examine some complications in allocating resources between the two, particularly those introduced by the distribution of costs and benefits across time and space.

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Abstract: This paper considers the relation between the exploration of new possibilities and the exploitation of old certainties in organizational learning. It examines some complications in allocating resources between the two, particularly those introduced by the distribution of costs and benefits across time and space, and the effects of ecological interaction. Two general situations involving the development and use of knowledge in organizations are modeled. The first is the case of mutual learning between members of an organization and an organizational code. The second is the case of learning and competitive advantage in competition for primacy. The paper develops an argument that adaptive processes, by refining exploitation more rapidly than exploration, are likely to become effective in the short run but self-destructive in the long run. The possibility that certain common organizational practices ameliorate that tendency is assessed.

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16,377 citations

Cites background from "The theory of economic development"

...Exploration and Exploitation in Organizational Learning Author(s): James G. March Source: Organization Science, Vol. 2, No. 1, Special Issue: Organizational Learning: Papers in Honor of (and by) James G. March (1991), pp....
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Journal Article•DOI•

Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance

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David J. Teece¹•Institutions (1)

University of California, Berkeley¹

01 Dec 2007-Strategic Management Journal

TL;DR: In this paper, the authors draw on the social and behavioral sciences in an endeavor to specify the nature and microfoundations of the capabilities necessary to sustain superior enterprise performance in an open economy with rapid innovation and globally dispersed sources of invention, innovation, and manufacturing capability.

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Abstract: This paper draws on the social and behavioral sciences in an endeavor to specify the nature and microfoundations of the capabilities necessary to sustain superior enterprise performance in an open economy with rapid innovation and globally dispersed sources of invention, innovation, and manufacturing capability. Dynamic capabilities enable business enterprises to create, deploy, and protect the intangible assets that support superior long- run business performance. The microfoundations of dynamic capabilities—the distinct skills, processes, procedures, organizational structures, decision rules, and disciplines—which undergird enterprise-level sensing, seizing, and reconfiguring capacities are difficult to develop and deploy. Enterprises with strong dynamic capabilities are intensely entrepreneurial. They not only adapt to business ecosystems, but also shape them through innovation and through collaboration with other enterprises, entities, and institutions. The framework advanced can help scholars understand the foundations of long-run enterprise success while helping managers delineate relevant strategic considerations and the priorities they must adopt to enhance enterprise performance and escape the zero profit tendency associated with operating in markets open to global competition. Copyright  2007 John Wiley & Sons, Ltd.

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9,400 citations

Cites background from "The theory of economic development"

...Second, new information and new knowledge (exogenous or endogenous) can create opportunities, as emphasized by Schumpeter (1934)....
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...This ‘swarming’ of innovations and innovative activity occurs ‘exclusively because the appearance of one or a few entrepreneurs facilitates the appearance of others, and these the appearance of more, in even increasing number’ (Schumpeter, 1934: 228)....
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...The quintessential example is the automobile industry, where in the early days different engine technologies—steam, electric, and gasoline—each had their champions. Once a dominant design begins to emerge, strategic choices become much more limited. This paradigm, which was first offered by Abernathy and Utterback (1978) and then built upon by Teece (1986, 2007), now has considerable evidence supporting it over a wide range of technologies (Klepper and Graddy, 1990; Utterback and Suarez, 1993; Malerba and Orsenigo, 1996)....
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...Indeed, Schumpeter (1934) stressed that successful innovations/enterprises are threatened by swarms of imitators, all striving to produce ‘me-too’ substitutes.22 He completely neglected complementarities....
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Journal Article•DOI•

Strategic assets and organizational rent

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Raphael Amit¹, Paul J. H. Schoemaker²•Institutions (2)

University of British Columbia¹, University of Chicago²

01 Jan 1993-Strategic Management Journal

TL;DR: In this article, the authors focus on the linkages between the industry analysis framework, the resource-based view of the firm, behavioral decision biases and organizational implementation issues, and connect the concept of Strategic Industry Factors at the market level with the notion of Strategic Assets at the firm level.

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Abstract: We build on an emerging strategy literature that views the firm as a bundle of resources and capabilities, and examine conditions that contribute to the realization of sustainable economic rents. Because of (1) resource-market imperfections and (2) discretionary managerial decisions about resource development and deployment, we expect firms to differ (in and out of equilibrium) in the resources and capabilities they control. This asymmetry in turn can be a source of sustainable economic rent. The paper focuses on the linkages between the industry analysis framework, the resource-based view of the firm, behavioral decision biases and organizational implementation issues. It connects the concept of Strategic Industry Factors at the market level with the notion of Strategic Assets at the firm level. Organizational rent is shown to stem from imperfect and discretionary decisions to develop and deploy selected resources and capabilities, made by boundedly rational managers facing high uncertainty, complexity, and intrafirm conflict.

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8,121 citations

Cites background from "The theory of economic development"

...…resources and capabilities they control, and that such asymmetric firms may coexist until some exogenous change or Schumpeterian shock occurs (Schumpeter, 1934).9 Economic rents, in this setting, derive from asymmetry in initial resource endowments, resource The assumption of heterogeneous…...
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Report•DOI•

Financial Dependence and Growth

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Raghuram G. Rajan¹, Raghuram G. Rajan², Raghuram G. Rajan³, Luigi Zingales¹, Luigi Zingales³, Luigi Zingales⁴ - Show less +2 more•Institutions (4)

University of Chicago¹, International Monetary Fund², National Bureau of Economic Research³, Economic Policy Institute⁴

01 Sep 1996-Social Science Research Network

TL;DR: This paper examined whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship; that financial development reduces the costs of external finance to firms, and found that industrial sectors that are relatively more in need of foreign finance develop disproportionately faster in countries with more developed financial markets.

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Abstract: Does finance affect economic growth? A number of studies have identified a positive correlation between the level of development of a country's financial sector and the rate of growth of its per capita income. As has been noted elsewhere, the observed correlation does not necessarily imply a causal relationship. This paper examines whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship; that financial development reduces the costs of external finance to firms. Specifically, we ask whether industrial sectors that are relatively more in need of external finance develop disproportionately faster in countries with more developed financial markets. We find this to be true in a large sample of countries over the 1980s. We show this result is unlikely to be driven by omitted variables, outliers, or reverse causality.

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6,815 citations

Cites background from "The theory of economic development"

...(JEL O4, F3, G1) A large literature, dating at least as far back as Joseph A. Schumpeter (1911), emphasizes the positive in uence of the development of a country's nancial sector on the level and the rate of growth of its per capita income....
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Journal Article•DOI•

Technological paradigms and technological trajectories: A suggested interpretation of the determinants and directions of technical change

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Giovanni Dosi¹•Institutions (1)

University of Sussex¹

01 Jun 1982-Research Policy

TL;DR: In this article, the authors propose a model to account for both continuous changes and discontinuities in technological innovation, and define the process of selection of new technological paradigms among a greater set of notionally possible ones.

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5,460 citations

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The theory of economic development

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