Working Paper Series, Department of Industrial Economics & Strategy, Copenhagen Business School
Kirsten Foss and Nicolai Foss
The Knowledge-Based Approach: An Organizational Economics Perspective
Abstract: Proponents of the emerging knowledge-based
(resource-based, competence-based, etc.) theory of the firm have subjected
more traditional economics of organization theories to strong critiques.
Rather than directly answering this critique, we examine key ideas of the
knowledge-based approach, and argue that these are not necessarily in
conflict with basic ideas from organizational economics (particularly ideas
relating to the property rights approach), but are either complementary to
or consistent with these. In fact, property rights economics and other
organizational economics ideas may at least to some extent constitute a
much needed micro-foundation for the knowledge-based perspective. The
purpose of this exercise is 1) to facilitate dialogue, 2) to dispel false
claims of insurmountable differences between the two approaches, and 3) to
establish what is genuinely different in the knowledge-based approach.
Keywords: economic organization; firm knowledge, governance; (follow links to similar papers)
JEL-Codes: M21; B49; (follow links to similar papers)
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