The Evolution of the Theory of the Firm
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The Evolution of the Theory of the Firm

David J. Teece and Neil M. Kay

This stimulating research review analyses how the theory of the firm evolved from several core concepts and building blocks that underpin this important area of economics. It discusses a variety of perspectives from leading scholars in the field, including the basic elements of: risk and uncertainty; information and knowledge; bounded rationality and decision making; motives and incentives; resources and capabilities; and transactions. The review goes on to examine how the various elements are integrated into the modern Theory of the Firm with the notion of organization coming increasingly to the fore. It focuses on norms; rules and routines; the entrepreneur; governance; hierarchies; co-operation, teams and networks; innovation and appropriability. This comprehensive review will be an invaluable reference tool for all researchers and students with an interest in the modern theory of the firm, highlighting how it needs to evolve further to address the important management and policy issues of our time.
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About this Research Review

David J. Teece and Neil M. Kay

About Elgar Research Reviews

Elgar Research Reviews consist of two principal components: a scholarly literature review article and a list of recommended readings.

Each literature review article is prepared by a leading scholar and introduces the relevant field of academic study by surveying the seminal and most transformative articles within that field. The article sets the recommended readings into context, revealing how they have shaped scholarship and why they are important to the development of the field. To facilitate further research the recommended readings are fully referenced.

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A print edition of this resource is also available.

The Evolution of the Theory of the Firm

David J. Teece and Neil M. Kay (eds)

ISBN 9781786430694 (2 volume set)

The print edition includes the full text of the literature review article and of the recommended readings. Each recommended reading is presented exactly as it appeared in its original setting.

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