Teece, David J;
(2022)
Evolutionary Economics, Routines,
and Dynamic Capabilities.
(Working Paper Series
2022/17).
UCL Institute for Innovation and Public Purpose: London, UK.
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Abstract
Evolutionary economics has been a key influence on strategic management and especially on the dynamic capabilities framework, where it is a foundational pillar. However, the emphasis by evolutionists is on fleshing out a theory of routines while downplaying the bold entrepreneurial moves that drive the business enterprise — and the economic system — forward. The dynamic capabilities framework, by embracing the role of entrepreneurial managers, including the development of a change-oriented organisational culture, the achievement of asset alignment and the placing of bold (but smart) bets, provides the basis for a more realistic model of firms as they compete in fast-changing and uncertain business environments.
| Type: | Working / discussion paper |
|---|---|
| Title: | Evolutionary Economics, Routines, and Dynamic Capabilities |
| Open access status: | An open access version is available from UCL Discovery |
| Publisher version: | https://www.ucl.ac.uk/bartlett/public-purpose/wp20... |
| Language: | English |
| Additional information: | This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions. |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10196225 |
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